First Israel-India projects get green light from joint $40 million tech fund

Affordable eye-surgery devices and energy, water and cellular phone projects are those chosen to receive grants from the fund, seen as a gateway for Israelis to Indian market

Shoshanna Solomon is The Times of Israel's Startups and Business reporter

Illustrative image of women carrying water in a village in India (FrankCornfield; iStock by Getty Images)
Illustrative image of women carrying water in a village in India (FrankCornfield; iStock by Getty Images)

Affordable surgical devices and water, energy and cellular phone projects are the Israel-India initiatives that are to receive funding from a joint technology innovation fund set up by the two nations to boost collaboration between researchers and firms.

The governing board of the Israel-India Industrial R&D and Technological Innovation Fund (I4F) announced the four first recipients for grants from the fund, which was launched earlier this year as a result of the July 2017 visit of India’s Prime Minister Narendra Modi to Israel.

“These grants constitute an important milestone in the continuation of the historic partnership between Israel and India,” Israeli Minister of Economy and Industry Eli Cohen said in a statement, announcing the winning ventures.

Bacsoft (Israel), a maker of IoT devices, and Energy Efficiency Services Limited (India), an energy service company of the Indian government, will work together on increasing the water and energy efficiency in villages in India through the creation and application of water and electricity management systems and Internet of Things ( IoT) monitoring devices.

Illustrative image of women and children drawing water from a draw well in India (yavuzsariyildiz; iStock by Getty Images)

Ubiqam Ltd. (Israel) and Frog Cellsat Limited (India) — a maker of radio frequency equipmentwill work together to develop mobile solutions for the Indian cellular market to help mitigate the interference in cellular networks and improve network quality.

Agrosolar Irrigation Systems Ltd. (Israel) and Vyoda Private Ltd. (India) will jointly create solar energy-based water pump systems for irrigation that are cost-effective, efficient and suitable for any type of well, to increase electricity production and lower maintenance costs.

Sanoculis Ltd (Israel) and Appasamy Ocular Devices (P) Ltd. (India) will work together to develop affordable surgical devices to help ophthalmologists treat glaucoma in India at lower costs.

“The highlight of this fund is creating a breakthrough tool that can assist Israeli entrepreneurs and industrialists” to penetrate the Indian market, Ami Appelbaum, the Chief Scientist at the Ministry of Economy and Industry and chairman of the Israel Innovation Authority said in the statement. “Emerging markets are priorities for us and penetrating these markets could open up extensive business opportunities for Israeli entrepreneurs.”

An illustrative image of a solar panel installation in India (greenaperture; iStock by Getty Images)

The fund, which will grant $40 million over a period of five years to joint Israeli-Indian projects, announced on Sunday a second call for joint venture proposals, which is scheduled to be launched in August with a November 2018 deadline. The areas of focus of the second call for proposals remains similar to the first, and includes the fields of agriculture, energy, healthcare, information and communication technologies (ICT), and water, the statement said.

Ashutosh Sharma, secretary of the Department of Science & Technology and the India Co-Chair of the I4F governing board, said the fund will enable the governments of India and Israel to catalyze joint research and development projects into commercial products. This will take the industrial R&D and technological innovation partnership between India and Israel to “a new level” and serve as a role model for others, the statement said.

read more:
Never miss breaking news on Israel
Get notifications to stay updated
You're subscribed