Seagate Invests $15 Million in Reduxio

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A Lockheed Martin C-130 Hercules, the predecessor of the Super Hercules.Credit: Bloomberg

Reduxio Systems, a developer of computer storage technology, said Monday it had raised $15 million in a funding round led by the U.S. company Seagate Technology. Seagate was joined by existing investors Jerusalem Venture Partners, Carmel Ventures and Intel Capital, which together invested $12 million in Reduxio a year ago. The funding will be used for product development and to support its marketing plan. Petah Tikva-based Reduxio was formed in 2012 by Amnon Strasser, Nir Peleg and Canadian CEO Mark Weiner. The company has developed a hybrid system that integrates older hard disk drive-based storage with emerging flash-memory solid-state drives. Data are saved on the appropriate technology based on importance or availability. Weiner headed the startup StoreAge, which was sold to LSI for $50 million in 2006. (Inbal Orpaz)

Lockheed in tech tie-up with Hebrew University

Lockheed Martin on Monday agreed to conduct joint research with Yissum, the Hebrew University of Jerusalem technology transfer company, and took an option to purchase exclusive licenses to products resulting from the research. The research will focus on material sciences, quantum information science – which combines information science with quantum mechanics – and other areas of joint interest, the companies said. They did not provide financial details. “This is another step in Lockheed Martin Israel’s long-term plans to develop additional partnerships outside the defense market and partner with the industry and academia in Israel, “ said Joshua Shani, CEO of Lockheed Martin Israel. Lockheed Martin in August set up a separate subsidiary in Israel focused on technology. It is working with EMC and Ben-Gurion University of the Negev on joint cyber security research projects. (Reuters)

Amended Angels Law moves forward

The Constitution, Law and Justice Committee on Sunday approved an amending to the so-called Angels Law designed to encourage private investors to put money into startups. The amendment changes the terms of the original 201 law, which failed to attract much interest because its terms were so difficult and left investors unsure whether they would qualify for the benefits for too long a period. The amended law allows startups to qualify for tax breaks just three weeks after applying to the Office of the Chief Scientist rather than three years, and sets simpler criteria for applying, including that the company has no more than 1.5 million shekels ($410,000), has been incorporated at least 36 months and doesn’t spend more than 30% of its money on activities not related to research and development. (Inbal Orpaz)

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