Temasek, a Singapore-based investment company, has pledged $5 million to Tel Aviv University’s Momentum Fund.
The company has entered into a strategic agreement to fund and generate leading edge “commercialization ready” technologies in a wide range of fields, including engineering and exact sciences, environment and clean technology, pharmaceuticals and health care, with Ramot at Tel Aviv University, TAU’s tech transfer company.
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Temasek, is the second lead investor, together with Tata, in the Momentum Fund which has closed with an oversubscribed level of investment of $23.5 million. The Momentum Fund invests in promising breakthrough technologies. Multiple committees, comprising global domain experts, Tata and Temasek representatives, will select technologies with significant commercial potential. Such technologies will be further developed under the supervision of dedicated program managers to be brought to an advanced state where Ramot, TAU’s technology transfer company, will drive the process to translate such innovations into attractive licensing opportunities for the industry.
TAU President Professor Joseph Klafter said, “We are extremely proud that Temasek, a world leading investment company, following Tata, has selected TAU as a partner. Our innovative initiative and inter-disciplinary research set an example for others to follow. With support from both Tata and Temasek, TAU aims to develop groundbreaking advanced technologies that have the potential to positively impact communities across the world in many technological areas.”
Mr. Shlomo Nimrodi, Ramot’s CEO, said: “Being the second lead investor, Temasek will be able to see promising technologies at Tel Aviv University, as well as participate in the different Scientific Committees and in the Investment Committee.”
Shlomo added, “I am extremely pleased and proud that the Ramot and TAU teams were able to exceed the initial goal we set for ourselves of $20 million. This is a testament to the strength of our institution as well as the ability of our team to plan and execute. The Momentum Fund already selected six leading technologies in Q1 2014 and is in the process of selecting an additional 4-6 technologies in Q4 2014. We expect the Momentum Fund to support 20-40 promising innovations over time.”
Incorporated in 1974, Temasek is an investment company based in Singapore, with a S$223 billion (US$177 billion) portfolio as at 31 March 2014.
Temasek’s portfolio covers a broad spectrum of sectors: financial services; transportation, logistics and industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources.