Microsoft Ventures, in collaboration with Israel-based venture capital firm Jerusalem Venture Partners (JVP), has launched a new accelerator program dedicated to cybersecurity startups in Tel Aviv, Israel.
During a four-month period, six to eight early-stage startups accepted in the first batch will be provided with the tools, mentorship and market expertise needed to accelerate their business, and create cybersecurity solutions capable of addressing the most significant threats.
The program takes place between September 2014 and January 2015 at the Microsoft Ventures accelerator in Herzliya, Israel. The application period is currently open and closes on July 24.
JVP Cyber Labs, which is taking part in the selection and mentoring process, has committed to invest $1 million in one of the participant startups. The company, considered Israel’s largest early-stage cybersecurity investor, has also promised to include the selected startup in its Be’er Sheva-based cybersecurity incubator.
“We are thrilled to collaborate with Microsoft Ventures on this first-of-its-kind initiative. Together with my partner, at the JVP Cyber Labs, Nimrod Kozlovski, we put special emphasis on working with strategic partners, such as Microsoft, to get market validation for the significant innovations we are witnessing in the cyber-security space,” commented Yoav Tzruya, partner at JVP Cyber Labs.
“It is our top priority to create an ecosystem which nurtures entrepreneurs and startups independently of our portfolio. We are committed to offering a $1M investment and a spot in our Be’er Sheva incubator to at least one of the startups in this batch of the Microsoft Accelerator to develop their innovation and reach the beta phase,” Tzruya added.
So far, 85% of the startups that graduated Microsoft Ventures’ accelerator program have raised on average $1.2 million, and some of them, like Kitlocate and Appixia, have been acquired.
Hanan Lavy, director of Microsoft Ventures Accelerator, noted, “Our accelerator program leverages the Microsoft worldwide footprint to give startups unparalleled routes to customers and partners. We use this power to push startups to their success. We are eager to work closely with JVP to provide unique opportunities for entrepreneurs in our accelerator.”