New initiative to raise $100 million for startups in UAE, Israel

Businesses in cybersecurity, smart city, insure-tech, fintech, and public safety technologies stand to benefit from the programme

Published: Fri 25 Mar 2022, 3:53 PM

By
Ismail Sebugwaawo

A new initiative, Synaptech Capital, has been launched in Abu Dhabi to facilitate the UAE-Israel partnerships and expand international connections by creating a diverse ecosystem of innovative companies in the UAE.

The fund will raise $100M, which will be invested in the startups and promote their path to an exit.

Synaptech Capital will invest in Israeli and Emirati startups developing cybersecurity, smart city, insure-tech, fintech, and public safety technologies, relocate them to the fund’s Abu Dhabi Incubator, and later create a Corporate Innovation Hub for regional businesses to develop and collaborate.

The Synaptech Capital launch event which took place in Abu Dhabi on Thursday, saw many family offices, private wealth groups and sovereign wealth funds taking part in an evening of collaboration between two incredible nations – the UAE and Israel.

The exclusive evening covered new technology implementation capabilities such as artificial intelligence, cyber security, and quantum computing, allowing large critical infrastructure like ports, airports, schools, and financial markets to set an example globally.

Synaptech Capital was founded by two serial entrepreneurs with unique track records – Tomer Avnon, Founder and President of Avnon Group, and Obediah Ayton, COO of The Private Investment Group.

The fund was inspired and made possible thanks to the Abraham Accords signed in 2020; as nations in the Middle East made a groundbreaking commitment to collaborate and promote business opportunities in the region.

“Our vision is to utilise Israeli knowledge and experience in the Startup and Innovation domains to develop meaningful collaboration and create business opportunities in the Middle East,” Avnon told Khaleej Times.

The startups Synaptech will invest in would relocate to Abu Dhabi, participate in the fund’s Incubator program, and receive support and resources to facilitate their progress and development. In addition, they are in the process of establishing Syn-Up – a Corporate Innovation Hub in the UAE that would provide corporations in the region with opportunities to collaborate and grow.

The Hub includes three sub-units: an Innovation Center, a Startup accelerator, and a High-End Academy.

Avnon said: “Synaptech is truly groundbreaking in the unique collaboration it brings to the region. Through commitment and cultivation of relationships that are based on a mutual understanding, Synaptech brings the spirit of the ‘Startup Nation” to the UAE and will contribute to building an innovative ecosystem of disruptive technologies.

“This kind of collaboration is as inspiring as it is effective because it brings entire nations together, through creating new opportunities for growth on both sides, and for the entire region as a whole.”

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Synaptech Capital creates unique partnerships, countless opportunities to grow, and a global support system like no other.

“Our vast experience in public fafety technologies, close ties with business professionals in the UAE, and extensive track record of creating international collaborations facilitate fast development of companies and pave a sure road to success,” said Ayton. He joined Synaptech Capital as a Managing General Partner, bringing his strong background in the UAE as the COO of The Private Investment Group and his vast experience of international private wealth and technology investments.

Together with Abu Dhabi, Synaptech will produce and support the world's leading technology enhancements, allowing the cities of the UAE to make intelligent decisions, allowing the population to feel safe and the financial markets to thrive.

ismail@khaleejtimes.com