Japan's NTT, OurCrowd to jointly invest in Israeli tech firms

March 16, 2021 2:34 AM EDT

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JERUSALEM (Reuters) - NTT Finance said on Tuesday it will establish an investment vehicle that will invest in Israeli tech startups from venture firm OurCrowd's portfolio.

NTT Finance, a subsidiary of NTT Group or Nippon Telegraph and Telephone, said it will commit $15 million into OurCrowd's portfolio through the vehicle, called NTT Finance Israel LP.

OurCrowd will provide NTT early access to its deal flow pipeline which include Israeli firms with technologies such as artificial intelligence and self-driving cars, NTT and OurCrowd said in a joint release.

"NTT Finance will contribute to pursuing business growth for both NTT Group and startups in Israel, facilitating potential opportunities to launch collaborations between their businesses, through expanding venture investments in IT startups," said NTT Finance President Yoshikiyo Sakai.

OurCrowd has more than $1.5 billion in commitments and has invested in more than 240 companies and 25 funds.

(Reporting by Steven Scheer; Editing by Rami Ayyub)

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