Intel launches Ignite program to invest in Israeli AI startups
According to media reports, Intel announced a new project in Tel Aviv, Israel on Sunday to help Israeli start-ups develop artificial intelligence (AI) and autonomous systems.
The project, called Ignite, under which Intel and industry experts will provide 20-week business and technical guidance for 10 to 15 start-ups. Intel also said that there are no plans to seek equity or intellectual property rights from startups participating in the program, but it may do so in the future.
Intel CEO Bob Swan said: "Intel has been working with the open ecosystem to expand the scale of new technologies that will enable them to transform our customers, businesses and society. Israel has a strong technical foundation in artificial intelligence, autonomous systems and potential technologies that are critical to these changes, making launching our program a natural choice."
The venture will be led by Tzahi Weisfeld, former head of global entrepreneurship at Microsoft. If the project is successful, Intel plans to promote the "Ignite" project to other countries.