Peng Xiao, CEO,G42 and Avi Zeevi, Co-Founder and General Partner of Viola, sign the deal (G42 website)
Israel’s IAG Firemark Ventures, JVP (Jerusalem Venture Partners), and Margalit Startup City are working together on a new ClimateTech Insurance joint collaboration to handle climate change risk assessment. At the same time, Viola Ventures has partnered with the UAE’s Abu Dhabi based G42, a technology group that invents in artificial intelligence development “for a better every day.”
Founded in Abu Dhabi and with a global footprint, G42 boasts the firm champions AI as a
“powerful force for good. A tool to improve every aspect of life. A complement and enhancer to humanity rather than an antagonist to it.”
Viola Ventures says its mission is to enable Israeli entrepreneurs to build global transformational technology companies.
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The firms said that Global Valley is a talent-as-a-service platform that meets the ongoing worldwide demand for top tech talent. The joint venture between G42 and Viola is supported by the Abu Dhabi Investment Office (ADIO) and will offer clients access to ready-to-go, end-to-end R&D and tech excellence centers.
Global Valley will be one of the biggest employers of high-skilled tech talent in the region, sourcing exceptional employees globally across a variety of skill sets. Bridging the world’s long-term tech talent gap, Global Valley offers access to specialized resources, complementing Abu Dhabi’s deep existing talent pool and capability while also developing the local tech sector.
“We’re proud to continue the road paved by the Abraham Accords agreements and to build a joint venture that will leverage Israel’s innovation ecosystem,” said Avi Zeevi, Co-Founder and General Partner of Viola. “We believe this initiative will have a major impact on the development of the region. Technology will continue to be a significant force of transformation globally, and this is the time to invest in the infrastructure that will provide tech companies, in Israel and globally, with the best-of-class tech talent to fuel their future growth and support their activities in the region.”
As for the new venture from IAG Firemark Ventures, JVP and Margalit Startup City, the firms said they will work together to encourage collaboration with corporations, startups and emerging businesses to support and scale climate technological solutions. The idea here is to help insurers achieve their global energy, environmental and sustainability goals.
“As extreme weather conditions and climate change are increasingly impacting the livelihood of individuals worldwide, insurance companies are actively searching for new technologies, including AI predictions and analytics, with the aim of providing secure coverage for challenging climate conditions,” said Erel Margalit, Founder and Chairman of JVP and Margalit Startup City. “We are delighted to have IAG Firemark Ventures as our partner, along with MINI and other partners, as we explore new technologies globally in the U.S., Israel, and Australia. These advancements can bring innovative solutions and frameworks to meet the evolving demands of climate change.”
Scott Gunther, General Partner of IAG Firemark Ventures, said: “As an insurer, we see first-hand the impact climate change is having on our customers, communities, business and our industry. For this reason, IAG Firemark Ventures has ClimateTech as a key startup investment focus area for the future and why we have entered into this important partnership. We look forward to working with the International ClimateTech Centre to help ClimateTech startups’ scale to help deliver on our climate and environmental goals.”
