South-based technology incubator InNegev, which operates from the Idan Hanegev Industrial Park at Lehavim-Rahat Junction, announced its first investment in promising Israeli start-up SightBit.
SightBit expands smart cities’ capabilities to the sea shore in order to protect and save people’s lives on beaches. Using an integrated image recognition and machine learning system, SightBit’s technology identifies and analyzes rip currents to make real-time judgments about swimmers, using computerized algorithms, and to activate conventional devices to send real-time alerts.
InNegev’s significant investment is designed to support the development of SightBit, which intends to operate from a base in southern Israel. SightBit is the first portfolio investment of InNegev, a technological incubator that promotes start-up companies in the fields of foodtech, agritech, cleantech, and industry 4.0 operating in southern Israel. InNegev was established in late 2019 with the support of the Innovation Authority, and represents a collaboration between major industrial companies in the Negev including Netafim, Soda Stream, Dolev (all supported by Alpha Capital’s investment funds), Kibbutz Hatzerim, and SCE, the Shamoon Academic College of Engineering. InNegev will invest approximately NIS 2 million in each supported project.
InNegev Chair Ely Ben Simon and InNegev CEO Eyal Ginzberg applauded the Innovation Authority’s approval and stated that this is the first of many investments with additional start-up companies that will operate in southern Israel.