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Sep 20, 2023 698

Azerbaijan Investment Company bankrolls Israeli startup

#Regional

"Azerbaijan Investment Company" (AIC) OJSC has invested $670,000 in Israel's "C2A Security" startup project as part of a collaboration with Israel's OurCrowd Fund, Azerbaijani Economy Minister Mikayil Jabbarov wrote on his page on X (Twitter)

The agreement between AIC and OurCrowd was the first of its kind since Azerbaijan opened its Trade and Tourism Offices in Israel. The agreement makes OurCrowd the first Israeli business to collaborate with the Azerbaijani government since the offices were set up.

Under the agreement, AIC is looking to invest in 10-15 startups from the OurCrowd portfolio, focusing on energy, health, tech, food tech, education, and more. Both companies are also looking to enable portfolio startups to establish a presence in Azerbaijan.

The investment in C2A Security is the latest in a number of MoUs that the AIC has been signing with partners this year. It recently signed separate MoUs with Baku International Sea Trade Port and JTA International Holding of Qatar to develop “joint activities.” Besides, it is part of AIC's goal to make short-term investments into Azerbaijan's commercial sector, expand its non-oil revenues, and bring further investment into the country.

The collaboration between AIC and OurCrowd is a step forward in the normalization of ties between regional countries and Israel. These partnerships are emerging elsewhere in the Middle East too, such as in the UAE and Bahrain.

In recent years, Azerbaijan and Israel have strengthened relations in the sphere of cybersecurity.

In March this year, the Ministry of Digital Development and Transport of Azerbaijan, with the support of the "PASHA Holding" group of companies and cooperation with the Israeli "Technion" institute, established the Azerbaijani Cyber Security Center.

The official opening ceremony was attended by the Head of the Azerbaijani State Security Service Ali Nagiyev, Minister of Digital Development and Transport Rashad Nabiyev, former Israeli Foreign Minister Gabi Ashkenazi, Executive Vice President and General Director of "Technion" Institute Boaz Golani, representatives of the Israeli Embassy and other officials.

"Azerbaijan Investment Company" (AIC) OJSC has invested $670,000 in Israel's "C2A Security" startup project as part of a collaboration with Israel's OurCrowd Fund, Azerbaijani Economy Minister Mikayil Jabbarov wrote on his page on X (Twitter), Azernews reports.

According to the Minister, "C2A Security" specializes in developing a cybersecurity platform that offers robust safety solutions to protect the internal systems of electric cars from cyberattacks.