TEL AVIV, Israel, November 17, 2014 /PRNewswire/ --
Ramot at Tel Aviv University Ltd. (Ramot), the University's tech transfer company, and Temasek, a Singapore-based investment company, have entered into a strategic agreement 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.
With a $5 million commitment from Temasek, as the second lead investor, together with Tata, the Momentum Fund is announcing its closing with an over subscribed level of investment of $23.5 million. The Momentum Fund invests in promising breakthrough technologies. Multiple committees, comprising global domain experts, Tata and Temasek representatives, will select technologies with significant commercial potential. Such technologies will be further developed under the supervision of dedicated program managers to be brought to an advanced state where Ramot, TAU's technology transfer company, will drive the process to translate such innovations into attractive licensing opportunities for the industry.
Commenting on the development, the TAU President Prof. Joseph Klafter said, "We are extremely proud that Temasek, a world leading investment company, following Tata, has selected TAU as a partner. Our innovative initiative and inter-disciplinary research set an example for others to follow. With support from both Tata and Temasek, TAU aims to develop groundbreaking advanced technologies that have the potential to positively impact communities across the world in many technological areas."
Mr. Shlomo Nimrodi, Ramot's CEO, said: "Being the second lead investor, Temasek will be able to see promising technologies at Tel Aviv University, as well as participate in the different Scientific Committees and in the Investment Committee."
Shlomo added, "I am extremely pleased and proud that the Ramot and TAU teams were able to exceed the initial goal we set for ourselves of $20 million. This is a testament to the strength of our institution as well as the ability of our team to plan and execute. The Momentum Fund already selected six leading technologies in Q1 2014 and is in the process of selecting an additional 4-6 technologies in Q4 2014. We expect the Momentum Fund to support 20-40 promising innovations over time."
Incorporated in 1974, Temasek is an investment company based in Singapore, with a S$223 billion (US$177 billion) portfolio as at 31 March 2014.
Temasek's portfolio covers a broad spectrum of sectors: financial services; transportation, logistics and industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources. Its investment themes reflect Temasek's perspectives on the long term trends:
- Transforming Economies;
- Growing Middle Income Populations;
- Deepening Comparative Advantages; and
- Emerging Champions.
Temasek's compounded annualized Total Shareholder Return since inception in 1974 is 16% in Singapore dollar terms, or 18% in U.S. dollar terms.
The company has had a corporate credit rating of AAA/Aaa since its inaugural credit rating in 2004, by rating agencies Standard & Poor's and Moody's respectively.
Temasek has offices in 11 cities around the world, including São Paulo and Mexico City in Latin America, and London and New York, which both opened in 2014. The remaining offices are all in Asia, including China and India.
For more information on Temasek, please visit http://www.temasek.com.sg
About Ramot at Tel Aviv University Ltd:
Ramot is Tel Aviv University's technology transfer company and its liaison to industry, bringing promising scientific innovations made at the university to commercialize with industry. The company provides the legal and commercial frameworks for inventions made by TAU faculty, students and researchers, protecting discoveries and innovations with patents and working jointly with industry to bring scientific innovations to the market.
For more information on Ramot, please visit http://www.ramot.org
Media and Investor contact:
Ramot at Tel Aviv University Ltd.
Mandy Huglin P. +972-3-6406608
SOURCE Ramot at Tel Aviv University