Leading US data storage company Seagate Technology said last week it had opened an innovation lab in Israel.
Lyve Labs Israel, based in Tel Aviv, will partner Seagate with Israeli startups to “tackle data challenges,” Seagate said in a statement Thursday.
The Tel Aviv hub will be Seagate’s flagship innovation center. Another Lyve Labs outpost is located in Colorado, and other are being planned in other international locations.
Seagate has already partnered with Israel’s SeismicAI, which provides early warnings on earthquakes, and the cybersecurity provider Hub Security.
“The reason Seagate created Lyve Labs is because we understand that innovation cannot happen in silos,” Seagate CEO Dave Mosley said in a statement. “It’s a work of collaboration.”
Mosley addressed some 3,000 investors and entrepreneurs last week in Jerusalem at a global investor summit hosted by OurCrowd, a Jerusalem-based crowdfunding venture capital firm.
Erez Baum, head of Lyve Labs Israel, said: “We want to both help the ecosystem and learn from it. Lyve Labs is as much a two-way learning platform as a co-creation center. The goal is to learn from our partners’ data challenges and develop solutions in collaboration with them to help them be more competitive in this data-driven economy.”
In 2014, Seagate invested $15 million into Israeli startup Reduxio.
Seagate trades on the New York Stock Exchange under the ticker STX and has a market cap of $14.6 billion.