Shin Bet widens hunt for innovative start-up solutions
The Shin Bet (Israel Security Agency) said on Monday that it is widening its search for local, innovative start-up solutions, in partnership with Tel Aviv University’s academic-based venture capital fund TAU Ventures.
Following a successful first round of investments this year by the joint Shin Bet-TAU Ventures incubator program The Xcelerator, Israel’s domestic security service is now seeking further innovation in a broader range of fields.
In addition to its previous focus on artificial intelligence and data-science innovation, the second round of investments will also look for innovation in fields such as cybersecurity, fintech and robotics.
A joint committee featuring representatives from the Shin Bet and TAU Ventures will identify nine start-ups to join the four-month incubator program. The incubator is intended for early-stage entrepreneurs with proof of technological feasibility but who are not necessarily focused on the security market.
Selected start-ups will receive a $50,000 grant from the Shin Bet, without a demand for equity or restrictions. Entrepreneurs can submit applications to participate in the incubator on the TAU Ventures website until December 30. The program will commence in January 2019.
“Following the success of the first round of the program, we have decided to deepen our cooperation with TAU Ventures in order to be exposed to additional technologies in different fields,” said Shin Bet Director Nadav Argaman.
“We believe in the strength of the Israeli technological industry, in entrepreneurs [and] in exceptional abilities and products, which already have an impact on the Shin Bet’s capabilities and its work toward the security of the state,” he added.
“In the first round, we announced that we were seeking technologies in the fields of artificial intelligence, and we now intend to broaden the range of technologies to additional fields. The sharing of knowledge between the Shin Bet and entrepreneurs will enable us in the near future to continue to break forward and solve security challenges.”
Start-ups chosen by the incubator will benefit from work spaces at TAU Ventures’ offices and enjoy assistance and mentoring from Shin Bet, university and industry experts.
“There is no doubt that academia has benefited from the in-depth partnership with one of the most important bodies in the defense of the State of Israel,” said Tel Aviv University President Prof. Joseph Klafter.
“We are happy to see the winning combination of the intelligence and technological challenges of the state, the scientific research and resources of Tel Aviv University and excellent entrepreneurs,” he said.
“This is a combination that has proved itself and will continue to influence and ensure the security, technological, and of course academic future of the Start-Up Nation.”