Tel Aviv [Israel], July 20 (ANI/TPS): The Israel Innovation Authority (IIA) launched a competitive proceeding to establish new high-tech incubators with up to a 40 million Shekel (USD 11.9 million) investment per Incubator.

As part of the IAA's program, funding will be provided to cover management fees over a five-year period and the establishment of a central laboratory.

Also Read | Germany Car Accident: 2 Seriously Injured As Vehicle Veers Off Road, Hits 7-Year-Old Boy and Crashes Into Barn's Roof in Bohmte; Pics and Video Surface.

The Incubators will focus on high-risk, innovation-intensive Deep-Tech fields such as: semiconductors, bio-convergence, agri-food tech, robotics, defence tech, or other domains characterised by high technological complexity, significant risk, and a lack of specialised investors in Israel.

In addition, the Authority will also offer non-dilutive investments from the Startup Fund at a total of approximately 100 million Shekels (USD 29 million) over the course of the franchise period, as well as providing support that will enable startups incubated within the program to receive grants of up to 21 million Shekels, from Pre-Seed stage through Round A financing. (ANI/TPS)

Also Read | Typhoon Wipha Update: Tropical Storm Makes Landfall in China's Taishan City After Disrupting Hong Kong (Watch Video).

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)