MindoLife, Israel-based startup has secured funding of $20 million from India’s SAR Group. The plans to utilise the freshly infused funds to supply it with the internet of things technology (IoT). The two companies are in a long-term strategic-cooperation agreement that sees integrating MindoLife’s IoT technology in SAR’s full line of products.
With just seven employees and no venture capital backers, the Israeli startup was founded in 2014 by RamYounes, Rami Khawaly, Yoav Rosenthal and Noam Levi. The four co-founders founded the firm at the Hybrid accelerator in the Galilee city of Nazareth and have funded it to date with money from the Israel Innovation Authority.
According to a media report, the startup would be supplying its Cyber-Things products to SAR to be integrated into the Indian company’s water bars and home-energy systems over the next three years.
Commenting on the development, Rami Younes, Co-founder, MindoLife told reporters, “We will be supplying our customers the network and the communications management between different devices with a fundamentally secure protocol.”
According to the Rami, one application will be for SAR home energy-storage devices, which will make use of MindoLife technology to better monitor the power loads and supply.
The contract comes less than two weeks after Prime Minister Narendra Modi made a historic visit to Israel that included signing a series of high-tech accords.
With just seven employees and no venture capital backers, the Israeli startup was founded in 2014 by RamYounes, Rami Khawaly, Yoav Rosenthal and Noam Levi. The four co-founders founded the firm at the Hybrid accelerator in the Galilee city of Nazareth and have funded it to date with money from the Israel Innovation Authority.
According to a media report, the startup would be supplying its Cyber-Things products to SAR to be integrated into the Indian company’s water bars and home-energy systems over the next three years.
Commenting on the development, Rami Younes, Co-founder, MindoLife told reporters, “We will be supplying our customers the network and the communications management between different devices with a fundamentally secure protocol.”
According to the Rami, one application will be for SAR home energy-storage devices, which will make use of MindoLife technology to better monitor the power loads and supply.
The contract comes less than two weeks after Prime Minister Narendra Modi made a historic visit to Israel that included signing a series of high-tech accords.
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