IDB to invest NIS 8M in Jewish-Arab incubator
Elron subsidiary shows interest in Nazareth-based NGT technological incubator which is run by Jewish and Arab businessmen
By Navit Zomer , YNet News, June 29, 2010
The IDB Group, through its Elron subsidiary, plans to invest NIS 8 million (about $2 million) in the Carticure start-up company from the NGT incubator in Nazareth, Yedioth Ahronoth’s economic supplement Mamon has learned.
NGT is a technological incubator run by Jewish and Arab businessmen. The majority of funding for its projects comes from the Chief Scientist’s Office and the incubator’s investors.
Carticure was founded four years ago by Dr. Gila Maor as part of the NGT incubator. Its technological platform generates original hyaline cartilage-producing cells to be transplanted into damaged joints, replenishing small and large lesions in the articular cartilage.
Elron is looking to invest in other companies from the Nazareth-based incubator as well.
The interest in NGT began following IDB Chairman Nochi Dankner’s visit to Nazareth in January during a tour of the area with President Shimon Peres and other senior IDB officials. The businessmen met with some 10 companies from the NGT incubator and had follow-up meetings with additional companies.