Mumbai: Tata Industries and Ramot at Tel Aviv University (TAU), the university's tech transfer company, have entered into a strategic memorandum of understanding (MoU) to fund and generate leading-edge 'commercialisation ready' technologies. This MoU will fund technologies in fields like engineering and exact sciences, environment and clean technology, pharmaceuticals and health care.
Under the MoU, Tata Industries, through its wholly owned overseas subsidiary, will be the lead investor in Ramot’s $20-million (approximately Rs 108.4 crore) Technology Innovation Momentum Fund, which will invest in promising technologies.
Technologies with commercial potential would be selected by committees comprising global domain experts and Tata representatives, who will drive the process to translate such innovations into licensing opportunities for Industry.
KRS Jamwal, executive director of Tata Industries said, “Tata has taken the decision to partner with Ramot and TAU with a desire to enhance capabilities of Tata companies and leverage technology as a differentiator for our businesses.”
An extensive due diligence process was conducted by chief technology officers from major Tata companies, prior to this MoU and we were encouraged by the technological leadership, the passion and the commitment demonstrated by TAU. During this process, the Tata team was exposed to more than 70 promising innovations and had the opportunity to interact with leading scientists at TAU."
Shlomo Nimrodi, the CEO of Ramot said being a lead investor, Tata would be able to see a pipeline of technologies. Nimrodi added they will have an option to commercialise certain promising opportunities from TAU.
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