At board meeting held on 20 July 2017
The Board of Directors of Reliance Industries at its meeting held on 20 July 2017 has approved to set up and invest in a technology incubator by the name of Jerusalem Innovation Incubator (JII), licensed by Israel Innovation Authority, Ministry of Economy, Israel under competitive bidding process.The investment in JII shall be done in partnership with OurCloud, Motorola Solutions and Yissum. JII will be in the form of a limited liability partnership with the Company holding 20% interest.
JII shall invest in early stage start ups per year over the license period of 8 years. JII's primary area of focus will include big date; analytics; artificial intelligence; fintech storage; internet of things; and computer vision - most of these domains align with out business and strategic interests.
The Company proposes to invest up to USD 25 million in JII and in frontier technology start-ups in tranches over a period of 8 years.
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