Drive TLV, an innovation hub focused on smart mobility, opened a facility and testing ground in suburban Tel Aviv last month to accelerate the growth of startup companies working with next-generation automotive technologies.
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The center, named POWER by Drive, is a 20,000-square-foot proving ground that provides high-tech startups with offices and laboratories to test and develop their products.
Through its FastLane program, the company also matches between startups and its corporate partners, including such giants as Honda and Volvo Cars, to help both parties create viable automotive solutions. Startups that have participated in the program have raised more than $1 billion in the past four years.
"POWER by Drive is a logical next step in the commercialization process that includes our FastLane program," Drive TLV co-founder Tal Cohen said.
"Startups with exceptional mobility products often need help to commercialize their technology," he explained. "That's where Drive TLV and its partners can assist with guidance and collaboration consulting."
Cohen pointed out that the center was designed to connect corporations with technology startups to build the trust and understanding vital to any long-term business relationship.
"POWER helps 'de-risk' the initial stages of collaboration and significantly increases the likelihood of success. POWER provides the platform to help startups understand the ecosystem in which they will be working, while helping their new corporate partners learn how to best utilize the mobility innovations under development."
To further accelerate the commercialization of new technologies, some of Drive TLV's corporate partners also plan to establish offices at the new development center.
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