TEL AVIV (Reuters) - The New York City Economic Development Corp has selected venture capital firm Jerusalem Venture Partners (JVP) as a partner in establishing a global cybersecurity center in the city.
The initiative will receive a $30 million investment from the City of New York, followed by up to $70 million in private funds. Other partners include Columbia University, New York University and Cornell, the Israeli VC said on Tuesday.
As part of the initiative JVP has established a New York City hub focused on developing cybersecurity, artificial intelligence and big data technologies to serve the financial services, media, healthcare and other industries.
JVP Chairman Erel Margalit said at least half of its new $200 million fund will be allocated to companies in the hub.
“We will have 10 companies (a year) in this hub and not just seed companies. Some already have $2 million, $5 million, $10 million in revenue,” Margalit told Reuters from New York.
JVP, whose Cyber Labs is the largest investment platform in cyber companies in Israel, will leverage public-private partnerships with universities such as Columbia, Cornell and NYU and plans to work with other VCs and strategic partners.
Reporting by Tova Cohen; Editing by Steven Scheer