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by Udi Etsion / CTech
Former Israeli defense minister Moshe Ya’alon. Photo: REUTERS/ Amir Cohen
CTech – After 25 years in the IDF and 13 years in politics, Moshe “Bogie” Ya’alon is embarking on a business career. The former defense minister and IDF chief of staff has been appointed as the chairman of Synaptech, a new UAE-based venture capital fund which has already raised $50 million from institutional investors in the Emirates.
Synaptech was founded by the Avnon group and strategic partners from the Emirates. The fund intends to invest tens of millions of dollars in around 20 early-stage startups, in particular in the defense, cybersecurity, fintech, and insurance sectors. In addition to the fund, the Avnon group will also set up with its partners an innovation center for corporations that the startups will be able to use as a base for their R&D activity.
“The Abraham Accords have opened the gate for strategic partnerships between Israel and the UAE that will affect both countries for many years,” said Ya’alon. “As part of the collaboration at Synaptech, we will bring the spirit of the startup nation and the most advanced technologies we have to offer to the Emirates. The innovation center we will set up in the UAE will allow Israeli tech companies to recruit strategic investors and develop their product according to the requirements of the market, while partnering with their future clients in the UAE. We believe that Synaptech will become a symbol of peace and financial cooperation between Israel and the UAE.”
The Avnon Group, founded by Tomer Avnon in 1990, includes 14 companies in the different defense sectors that generate an annual revenue of hundreds of millions of dollars. The companies provide solutions and technologies for governments, Homeland Security (HLS) agencies, Law Enforcement and Special Units in the defense and safety sectors.
