TEL AVIV, Israel, April 29, 2013 /PRNewswire/ --
Ramot at Tel Aviv University Ltd. (Ramot), the University's tech transfer company, and Tata Industries, a Tata group company, have entered into a strategic Memorandum of Understanding (MoU) 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.
Under the MoU, Tata Industries through its wholly owned overseas subsidiary will be the lead investor in Ramot's US$ 20 million Technology Innovation Momentum Fund, which will invest in promising breakthrough technologies. Technologies with significant commercial potential will 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.
Tata Industries promotes the Tata group's entry into new and high-technology businesses. It has initiated and promoted several Tata ventures in sectors like control systems, IT, auto components, advanced materials, telecom hardware and services. The Tata group, which champions deployment of technology for consumer-centric benefits, operates in seven business sectors: materials, engineering, IT and communications, energy, services, consumer products and chemicals.
Mr. Shlomo Nimrodi , the CEO of Ramot, commented, "Being a lead investor, Tata will be able to see a pipeline of technologies. They will have an option to commercialize certain promising opportunities from Tel Aviv University (TAU). The diversity of innovation at TAU, coupled with Tata's uncompromising commitment, creates a major opportunity to impact communities across the world."
Mr. K. R. S. Jamwal , Executive Director of Tata Industries, said, "Tata has taken the decision to partner with
|SOURCE Ramot at Tel Aviv University|
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