Senior executives from major retail companies such as Asos, eBay, Uniqlo, JD.com, Myntra and Express were among several international retailers that visited Israel last week to explore new technology innovation local startups have to offer.
The retail technology innovation hub, Re:Tech, organized a four-day event of site tours to Israeli innovation in the field, included over 100 one-on-one meetings for the purpose to bring those startups to foster potential investment opportunities, and creating business cooperation.
Re:Tech was founded in 2018 with the goal of helping both sides: for International retailers to build open innovation programmes by working with Israeli startups. And on the other hand to bring those startups to foster potential investment opportunities from retailers, acquisition and build business connections.
The group of executive visited in companies such as Kornit Digital, an international pioneer which produces high-speed industrial inkjet printers, pigmented ink, and chemical products for the garment and apparel decorating industry.
And Twine Solutions is another startup developing digital selective thread dyeing technology and digital dye to match color algorithms.
The group also mate with local augmented/virtual reality, and artificial intelligence (AI) companies, and companies developing warehouse automation, including Trigo, mmuze, Cyberint, Riskified, BrandTotal, Bringg, Syte, RFKeeper, Hexa and Dynamic Yield, and Mixed.Place.
“There is no doubt that retail is one of the hottest areas in Israeli high-tech these days,” said Yael Kochman, a partner and CEO at Re:Tech to Essentialretail. “With the recent acquisitions of Upstreem Commerce, Visualead, Invertex and others by retail giants such as Nike, Alibaba and Myntra, it is clear that while Israel doesn’t have a large retail market of its own, it is definitely able to supply cutting-edge technology to provide retailers with a competitive edge.”
“Israel is amongst the most exciting technology hubs in the world today, and in my role in leading revenue for a $2 billion business I am keen to bring the best tech solutions Israel has on offer to bear on our biggest challenges/opportunities and hence scaling our impact,” explained Mithun Sundar, Myntra’s chief revenue officer, who attended the event.