Tata, Tel Aviv University join hands to fund tech innovations
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Tata, Tel Aviv University to fund tech innovations

  • 4/30/2013
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    SCIENCE AND TECHNOLOGY SCIENCE AND TECHNOLOGY
     
     
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    Tata, Tel Aviv University join hands to fund tech innovations
     
    New Delhi, Mon Apr 29 2013
     
    Tata Industries today said it has joined hands with Ramot at Tel Aviv University Ltd, the university's tech transfer company, to fund and generate leading edge commercialisation ready technologies.
     
    Tata Industries and Ramot at Tel Aviv University Ltd (Ramot), have entered into a strategic Memorandum of Understanding (MoU) under which Tata Industries will become the lead investor in Ramot's Technology Innovation Momentum Fund, the company said in a statement.
     
    "Under the MoU, Tata Industries through its wholly-owned overseas subsidiary will be the lead investor in Ramot's USD 20 million Technology Innovation Momentum Fund, which will invest in promising breakthrough technologies," it said.
     
    The focus of technologies will be in a wide range of fields, including engineering and exact sciences, environment and clean technology, pharmaceuticals and healthcare.
     
    Commenting on the development, Tata Industries Executive Director KRS Jamwal said: "Tata has taken the decision to partner with Ramot and TAU (Tel Aviv University) with a desire to enhance capabilities of Tata companies and leverage technology as a differentiator for our businesses."
     
    An extensive due diligence process was conducted by CTOs from major Tata companies prior to this MoU and the company was encouraged by the technological leadership, the passion and the commitment demonstrated by TAU, he added.
     
    "During this process, the Tata team was exposed to more than 70 promising innovations and had the opportunity to interact with leading scientists at TAU," Jamwal said.
     
    Stating that the partnership "creates a major opportunity to impact communities across the world", Ramot CEO Shlomo Nimrodi said: "Being a lead investor, Tata will be able to see a pipeline of technologies. They will have an option to commercialise certain promising opportunities from TAU."
     
    Technologies with significant commercial potential will be selected by committees comprising global domain experts and Tata representatives, who will drive the process to translate such innovations into licensing opportunities for industry, Tata Industries said.
     
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    Thursday, May 2, 2013

     

    We are capable of providing good projects for commercial use: Shlomo Nimrodi
     

    Interview with CEO, Ramot
     
    Ramot, Israel-based Tel Aviv University (TAU)'s technology transfer company, and Tata Industries have signed a memorandum of understanding (MoU) to fund and generate leading 'commercialisation-ready' technologies under Ramot's Technology Innovation Momentum Fund. Ramot Chief Executive Officer Shlomo Nimrodi, in an interview with M Saraswathy, talks about the fund and the strategies for its expansion. Edited excerpts:

    What was the strategy behind the partnership with Tata Industries?
    As a tech transfer technology company of the university, we are involved in enabling innovations to be commercialised. The Tata group, under the chairmanship of Cyrus Mistry, has continued its focus on innovation. We have been associated with the group for a few years. The Technology Innovation Momentum Fund was constituted last year, and for this, we decided to build closer ties with the Tatas.

    How would Tata Industries benefit from this?
    Tata Industries, through its wholly-owned foreign subsidiary, would be the lead investor in Ramot's $20-million Technology Innovation Momentum Fund. It has committed up to $5 million. Apart from getting access to new innovations and research, Tata Industries would have the exclusive right to use the technology. The business model is cash flow-based, not equity-based. Tata Industries would be involved with the fund for the next few years and would have representatives in the scientific committees to choose the best innovations for funding. It is not just limited to investment; it also involves collaboration between the company and the university. This includes a wide range of fields, including engineering and exact sciences, environment and clean technology and pharmaceuticals and healthcare.

    What role does Ramot play, in terms of helping innovators?
    Ramot is involved in scouting new technology, bringing funds for innovators and helping them commercialise. In the future, we would also appoint project managers. We also identify multinational corporations and venture capital funds for the innovations. We have about 1,800 projects in the research and development space every year and about $150 million of grants for these. Every year, the university has 120-140 requests for patents.

    On what basis are the innovations shortlisted?
    Before the MoU was signed, an extensive due-diligence process was conducted by chief technology officers from major Tata companies. They were encouraged by the technological leadership, the passion and the commitment demonstrated by TAU. During this process, the Tata team, which had 13 executives, looked at about 70 promising innovations and interacted with leading scientists at TAU. Each innovation is being judged on a scale of one to five. The categories of grading include the level of the scientist, the level of innovation, the relevance to India and the relevance to the Tatas' present and future businesses. For the different categories, the scores were very high-in the range of four to five.

    How to do plan to expand this fund in the next few years?
    We are capable of providing good projects for commercial use; 1,100 faculty members of the university are involved in research. To expand the size of the fund based on the response we receive, we are talking to angel investors in India, North America, Latin America and the UK. Overall, we are looking to have a global presence for these innovations.