The program will be supported by additional partners, including HP and global investment firm Battery Ventures. PMAtX’ formation is supported by the Technology Innovation Lab program of the Israel Innovation Authority (IIA). The overall investment volume will be approximately €20 million and the initial commitment is for three years.
“As we see an emerging number of materials start-ups in Israel, we believe the creation of an incubator focused on materials and manufacturing technologies in Israel is absolutely the right choice,” said Roel Bulthuis, head of the Corporate Ventures Fund of Merck KGaA, Darmstadt, Germany. “We are investing in start-ups and the new PMatX incubator will offer infrastructure and proximity to start-ups in our already running healthcare and life science incubator with the chance for the new start-ups to learn from experienced ones.”
PMatX, which focuses on start-ups close to the Performance Materials business sector of Merck KGaA, Darmstadt, Germany, plans to bring the first companies into its program in the fourth quarter of 2017.
PMatX will be housed in newly constructed laboratories. The location of the new incubator will be at the R&D site of Merck KgaA in Yavne, Israel, which also is home to the company’s already existing Healthcare and Life Science incubator called BioIncubator.