IZMUS SIGNS MEMORANDUM OF INTENT WITH INFOCOMM INVESTMENTS
Singapore, May 5, 2016 – In helping innovative Israeli start-ups expand into Southeast Asia using Singapore as a launchpad and gateway, IZMUS Pte Ltd has signed a Memorandum of Intent (MOI) with Infocomm Investments Pte Ltd (IIPL), the investment subsidiary of Infocomm Development Authority and an ecosystem builder of the Singapore start-up ecosystem.
The success of Israel’s high-tech sector over the past two decades has earned it the name Startup Nation. Singapore and Israel have more in common than meets the eye; both face land scarcity and are littered with companies that have strong incentives to succeed through globalisation. This partnership between IZMUS and IIPL is the first ground-up, private sector led effort to provide a comprehensive bridge between both start-up ecosystems. With offices in Singapore and Tel Aviv, Israeli start-ups along industry verticals such as Medical tech, Digital Health, Internet of Things, Cleantech and Cyber Security can reach out to IZMUS as a first step towards accessing Southeast Asia, through Singapore; to gain an in-depth understanding of new markets and its nuances. Interested start-ups will apply for the programme and be subjected to a stringent screening process where the bilateral advisory board, comprising Lior Nevo, Dr Fuad Fares and IIPL, handpicks the most viable and innovative technologies that meet the needs of the region. Investors and businesses in Singapore can benefit from the influx of disruptive technologies that can be conducive to nurturing Singapore’s startup scene.
At IZMUS’ inaugural popup panel where the MOI was signed, the First Secretary (Economic & Trade) of the Israeli Embassy in Singapore Ms. Ron Snir, Head of Infocomm Investments Dr. Alex Lin and IZMUS Chief Executive Officer Rabea Bader came together and discussed opportunities for Israeli start-ups in Singapore and the greater Asean. The event was joined by about 50 other participants comprising Venture Capital firms, corporations, entrepreneurs and other government agencies. Conversations like these surrounding Singapore and Israel’s innovative cultures are expected to happen bi-monthly, with local investors and businesses getting inside scoop on technologies that will be game-changers in the region.
Said Joy Phua, co-founder of IZMUS, “This partnership with IIPL, who plays a central role in building a vibrant Singapore tech start-up ecosystem, will enable us to help Israeli companies gain a solid foothold in the region. When considering the possibility of entering a new and unfamiliar market, entrepreneurs need to trust that dealflows are suitable and partnerships strategic. Born and raised in Singapore, I am also convinced that Israeli entrepreneurs who want to expand East will have a lot to learn from Singapore.”
Dr. Alex Lin commented, “This cross-border partnership with IZMUS will bring about technologies that complements Singapore’s Smart Nation vision, encourage pollination of ideas and experiences across cultures; and create a bridge that allows Singaporean and Israeli startups to access and immerse in each other’s markets. At the end of the day, startups with product market fit will benefit from this partnership.”
Ms. Ron Snir added, “In recent years, we have seen a growing number of Israeli companies heading East in search of new markets and opportunities due to the shifting global economy. Singapore proves a key strategic partner for their regional expansion as it provides a soft landing for Israelis entrepreneurs who might yet be familiar to the local business culture and customs. I am certain this partnership between IZMUS and IIPL will facilitate greater exchange between entrepreneurs and investors of both nations and across ASEAN, and create strong value for all.”
IZMUS also announced its first batch of Israeli startups looking to Singapore. Among them is Collage Medical Imaging, the startup that has achieved whole organ imaging at micron level resolution. Their platform technology represents a new paradigm for the imaging of prostate cancer, increasing the chances of locating the tumors to 70%, up from the current biopsy success rate of 30%. Co-founder and Chief Technical Officer of Collage, Gabi Iddan, was also the inventor of the PillCam by Given Imaging, which was acquired by Covidien for $860m in 2013.