Jerusalem Venture Partners (JVP), a Jerusalem-based venture capital firm, said it has matched 10 early stage Israeli startups with leading multinationals, including Tesco, PepsiCo and Barclays, as part of a program to match new developments with real market needs.
The VC fund started JVP Play, a startup-boosting initiative, in October to serve as a bridge between new startups and established multinational corporations, with the startups offering their skills and problem-solving technologies to the big firms and helping bring artificial intelligence and deep learning from Israel’s startup ecosystem into retail and financial services.
The 10 startups chosen by JVP Play are working in collaboration with Tesco, PepsiCo and Barclays to develop solutions to a challenge that would significantly impact the multinationals, JVP said in a statement.
The startups were selected from over 150 applications, after having undergone review process by JVP; Tesco Labs, the global innovation arm of the British retail giant; PepsiCo, the maker of Walkers crisps, Doritos, Tropicana, and Pepsi; and global banking and financial services firm Barclays via its innovation arm, Rise.
The global strategic partners in the project, Tesco, PepsiCo and Barclays, have volunteered experts to work closely with the startups, advising them on how to create and validate their product and offering them insights and the ability to test their products within their facilities. If the products are found to be viable, these companies may also choose to adopt the solutions developed among their offerings, the statement said.
“PepsiCo’s current and future competitive advantage is anchored on agility and speed; better anticipating market shifts and being first to market with the best solutions” said David Schwartz, PepsiCo Head of ESSA Venturing & Innovation. Working together with JVP Play will help the firm “identify and establish opportunities for growing international startups which create win-win-win solutions for these new businesses, for PepsiCo and most importantly, for consumers.”
JVP Play is the first initiative that Tesco Labs has been involved with outside of the UK and with Israel’s startup ecosystem specifically.
The startups selected by JVP Play include:
- Oriient, which is developing a first-of-its-kind, indoor GPS for use in retail stores;
- Bravo.ai, which uses AI to automate manual labor in stores and restaurants and hotels
- CB4, which uses machine-learning algorithms make sure no sales are lost in stores because of operational issues
- Polymer Logistics, a developer of smart packaging designs
- Water.IO, a maker of a software that allows consumer packaged goods companies to create connected smart packages that allow them to connect directly with their customers and support auto-replenishment of stocks
- cnvrg.io, which is developing a data science platform that manages and speeds up data science workflows from development to production
- Payzday, which is developing an advanced money transfer platform that allows lenders to advance cash to online marketplace merchants
- Kinor, which uses tools and artificial intelligence to collect data on customers and match their requirements.
Other JVP partners include Microsoft Accelerator and global consulting firm Deloitte.