Innovation center director: “We shall assist. However, this is not an investment channel”

Seagate, a global leader in data management and storage, officially launched its new innovation center - Lyve Labs - in Tel Aviv, Israel. This is their first innovation hub outside of U.S. borders.

Helping Israeli startups, but don’t expect investments

Seagate’s innovation center will assist startups with proof of concept (POC) for their products. In addition, Lyve Labs will supply Israeli entrepreneurs with professional counsel from top data industry experts, along with business management consulting and guidance. Additionally, they will help startups streamline their data management process while allowing access to advanced equipment, infrastructure, and systems for testing.

Erez Baum, Innovation Center Director at Seagate Israel, recently told Geektime that the goal is to help Israel’s innovation industry, while also, learning from it. “We are offering our assistance to Israeli startups and High-Tech companies in three main areas: Technological guidance, access to advanced equipment, access to markets as well as international clients, POC, and joint solution creating,” said Baum.

Baum clarified that the accelerator isn’t strictly for Israeli startups. Noting that the goal is to assist High-Tech companies’ advancement through different methods, and technological partnerships. However, Baum reiterated that despite Seagate’s previous million-dollar investments in Israeli startups, including, Reduxio, and DensBits, this is not another investment channel for startups: “The center is in no way a venture capital fund. Israeli entrepreneurs have many ways to raise funds, we are offering them a different kind of help.”

Is the new hub basically an R&D center?

“You could say that R&D is the closest definition to what we offer. We’re looking to create a collaborative of technological solutions, where we bring the advanced equipment, POC capabilities, tests, and advise companies on business management and expansion.”

Baum said that in parallel to opening the center, Seagate is collaborating with six Israeli companies, including Hub Security, that develops cybersecurity solutions, and SeismicAI, which has developed an early-alert earthquake alarm system.