ELTA Systems, a subsidiary of Israel Aerospace Industries, announced this week a joint nanotechnology and metamaterial startup accelerator track with MassChallenge Israel, part of a global network of zero-equity startup accelerators. The joint track will support early-stage startups as they seek the use of matter on molecular, and supramolecular scale for industrial purposes in different verticals, or the use of materials with structure at the nanoscale, ELTA said.
In 2020, ELTA and MassChallenge Israel launched a Future Sensing Track designed to attract cutting edge startups that were using sensor technology in their solutions and disrupting the industry. Through the customized track, ELTA gained a new pipeline of high-potential startups that were seriously vetted through the MassChallenge application process and programmed core curriculum.
This year, the joint track is geared towards startups advancing or disrupting the field of nanotechnology and metamaterial. Startups eligible to participate in the curated track include those in such fields as nanomaterials for tracking, labeling, and authentication; nano-sensors to detect at the molecular level; nanoelectronics and nano-computing transistor devices; nanomaterial for developing smart fabrics and textiles; nanotechnology for energy storage; and nanomaterials for controlling weight vs. strength, according to ELTA.
Israel Lupa, Executive Vice President and Chief Technological Officer of ELTA, said "The startups we have met through MassChallenge have technologies that can be applied to our core business. We are looking forward to meeting additional innovative startups in the 2021 MassChallenge Israel cohort and through this vertical track."
The managing director of MassChallenge Israel, Yonit Serkin, said “Through this partnership, we have seen that startups and ELTA can work together to create cutting-edge technology solutions. This track will further connect startups to relevant experts, industry leaders, and academic researchers looking to develop meaningful relationships with entrepreneurs.”
Startups eligible to apply to the zero-equity accelerator program can have raised up to $1 million in equity-based funding and generated less than $2 million in annual revenue. Those chosen to join the MassChallenge Israel 2021 program will receive mentoring from experts around the world, access to global corporate partners, and are eligible for a free-of-charge roadshow to the U.S. Applications will be accepted until January 18.