Venture capital firm 500 Global will operate the program and recruit about ten startups in various fields relevant to the Port's activities.
The Tender which opened in January this year attracted over ten accelerators that are leaders in their fields. Global venture capital firm 500 Global won partly thanks to its global reach, which was a significant advantage. Further to the initiative by its board of directors to enter the world of technological innovation, Ashdod Port continues to establish its status in the world of 'Blue-Tech', and is planning to set up technological embassies in various ports and to “export" the technologies to other ports worldwide.
In the framework of its activity in the Port, 500 Global will recruit about ten startups in the fields of energy, seaport operations, logistics, and shipping, and Ashdod Port may work with the companies to invest in them. The agreement between the Port and 500 Global is for up to three and a half years, and marks the first time 500 Global is running an accelerator in Israel.
Through an intensive 12-week accelerator program, the selected companies will get access to masterclasses, workshops and coaching from 500 Global's extensive network of mentors, and will benefit from a full array of support and resources from the Port, including testing space for their products. At the end of the process, they will be able to integrate their final product into the Port systems.
This step is in addition to the real revolution taking place in Ashdod Port over the past two years. Over 40 startups that were chosen in the framework of three tenders are already established and operating in the Port. The innovation arm is just part of the broad strategy of Ashdod Port, which includes investing about 2.4 billion shekels in the framework of its preparations to compete with the private sea ports that are due to open later this year. Assimilating new technologies into the Port's operation will make the daily work more efficient and increase productivity, while creating an important channel for potential investment and income.
Shiko Zana, CEO of the Ashdod Port board of directors, adds: “I am proud that we are realizing the vision for Ashdod Port that began over two years ago, and want to announce a new stage in the promotion of innovation and startups in the Port. This is pioneering activity that will change the face of traditional industry. This past year has demonstrated very clearly that the world of shipping and marine routes are critical to the proper function of the global economy, when over 90% of goods are transported by sea. We are breaking into a “blue ocean" that is eager to absorb technology, and hope that we can bring the good news to other ports in the world. I congratulate 500 Global on their win and am delighted at this opportunity to work with them in Israel and to realize the potential of the Startup Nation in the marine world as well."
“We are excited and honored to support Ashdod Port in its mission to become a leader in tech innovation when it comes to port operations. This is a unique opportunity to transform a key industry with novel technology which can have repercussions globally. With this endeavor, Ashdod Port can serve as a model for ports around the world," says Ee Ling Lim, Regional Director, APAC at 500 Global.
Apart from the central ports in Rotterdam and Singapore, Ashdod Port is among the few ports in the world that is investing in technology in this way. Among the startups that are already operating in the Port, we find a company based on Artificial Intelligence that is working on predictions of future work loads, identifying future problems, and generating automatic recommendations, and more; a company based on Machine Learning that tracks and predicts changes in the sea bed, in order to achieve optimal freight loads, increase the safety of ships, reduce navigational risks, and bring down maintenance costs; and another company that specializes in cyber protection, and in the prevention, location and warning of cyber attacks, and more.