Grove Ventures, an early-stage deep tech-focused Tel Aviv-based VC firm, has held a final close of Grove Ventures II with total commitments of USD120 million.
Grove Ventures, an early-stage deep tech-focused Tel Aviv-based VC firm, has held a final close of Grove Ventures II with total commitments of USD120 million. The fund, with commitments from institutional and strategic investors, was oversubscribed.
Led by Israeli high-tech investor and entrepreneur Dov Moran, Grove Ventures backs early-stage deep technology startups developing hard-to-replicate solutions at the intersection of technology, science and applicable market needs, while creating a bridge for Israeli companies looking to penetrate European and US markets.
Grove Ventures’ investment thesis is based on the premise that the combination of IoT, AI and cloud computing technology advancements creates a new set of investment opportunities in multiple industries soon to undergo revolutionary digitalisation processes, such as manufacturing, mobility and healthcare. Grove therefore invests in a range of sectors including semiconductors, Industry 4.0 and digital health, among others.
Its portfolio companies have raised more than USD100 million in additional funding from investors. Grove facilitates hundreds of meetings annually between its portfolio companies and potential partners, contributing to their business growth through recruitment efforts, strategic consultation and partnership creation.
Moran is best known as the inventor of the USB flash drive. “With Grove II we want to empower brilliant deep tech entrepreneurs with innovative ideas and passion around their product to build great international companies,” he said.
“We believe the world is on the brink of a revolution that will digitalise sectors such as manufacturing, mobility and healthcare. We are looking for sharp entrepreneurs who can solve big problems using great technology to become industry game-changers. We want unique people with a clear vision on how to use these technologies to reshape industries while also having a positive impact on the world.”
“We share a deep, personal commitment to deep tech entrepreneurs. Drawing on our extensive experience, we assist startups at the forefront of technology to build strong foundations from the outset. Grove II allows us to continue to connect passionate inventors with leading global corporates and accelerate their success. We are pleased our deep tech approach has been successful across multiple industries,” the firm said in a statement.
