IBM: Menora Mivtachim and Five International Insurance Companies will Locate Israeli Start-ups in the Field of Inshortech
The selected start-ups will receive technological and business support from Menorah, international insurance companies and IBM technology experts, IBM workspace and credit for IBM cloud services in the amount of up to $ 120,000 per year, and will be assimilated into the insurance companies. Among the participating insurance companies: German and French AXA.
Menora Mivtachim Group and international insurance companies from the United States, Europe and Japan will together, through IBM’s Alpha Zone acceleration program, locate Israeli start-ups with innovative technologies operating in the fields of inshortech, digital, data, artificial intelligence (AI), cyber and customer experience.
The international insurance companies that will participate in the program alongside Menora Mivtachim are AXA Next, the innovation accelerator for the French AXA Group, the German Allianz, the American FM Global, the Japanese Dai-ichi Life and the Mexican Qualitas.
Get to know the local data center for the financial sector
The start-ups that will be accepted into the six-month acceleration program will receive technological and business support by leading mentors from international insurance companies and by IBM technology experts in Israel and around the world, IBM workspace and credit for IBM cloud services of up to $ 120,000 per year .
In addition, start-ups will have the option of performing feasibility tests (Proof of Concept), assimilating the products in the international insurance companies participating in the program and an opportunity to receive investment from leading insurance companies in the world.
Investment of $ 66 million in an Israeli company InShortech
The cooperation announced by Menora Mivtachim in the field of inshortech integrates with an investment recently made by the insurance company in the field. Last week, insourtech Kissterra announced a $ 66 million investment from Menora Mivtachim Group. Caesarea develops marketing software for car insurance companies in the United States, which analyzes and characterizes potential customers for them. The company was founded in 2015 by Yiftach (Yifati) Krezner, a former children’s channel presenter and musician (“Night Will Pass”).
Menora Mivtachim’s investment is from the money of the insured and the members and the nostro money and it will allow Kistara to continue the development of the technology and help it expand into additional markets.
In addition, Menora Mivtachim is one of ten institutional entities selected last September by the Innovation Authority and will receive protection for their investments in the high-tech field. The institutional bodies will invest NIS 2 billion in high-tech companies that are in the sales and growth stages and will receive a state guarantee for 40% of the investment in the event of a failure in the investment.
The investments are made during the 18 months from the moment the winners are announced, ie until the end of the first quarter of 2022, in Israeli high-tech companies in the initial growth stages, and they will be managed for a period of 8.5 years.