Jewish Times Asia March 2015
Tencent and Renren invest in Rafael defence systems and Kalyani announce Singulariteam investment fund joint venture to produce missile systems Chinese Internet giants Tencent Holding Group and Renren will be investing around US$100 million in Israeli based Singulariteam investment group’s second fund.
Singulariteam is dedicated to assisting early stage technology companies requiring seed capital. Founded in 2012 and headquartered in Tel Aviv it has six offices located around the world and acts as a super angel investor. This new second fund focuses on investing in advanced, new and disruptive technologies.
Singulariteam chairman and YO! and Mobli founder Moshe Hogeg launched the fund at a press conference. Kazakh businessman Kenges Rakishev, who made most of his fortune in traditional industries, participated in the first Singulariteam fund, and invested directly in Mobli, is also an investor in the new second fund.
China’s Tencent is behind a number of leading services, including the instant messaging app WeChat. Tencent has a market cap of US$200 billion, and is second in size in China (after
Alibaba) and one of the world’s biggest companies. Renren is the company behind the “Chinese Facebook,” and has a market cap of US$900 million.
Hogeg explained that the Chinese investments in the fund will make it possible for the companies in the investment fund’s portfolio to enter the Chinese Internet and digital markets more easily. He said that the new fund has already invested US$20 million in startups, and the second fund’s portfolio already includes two companies that are developing mail apps – TL; DR, and Hop, alongside web-building platform Webydo, invest.com, Genesort, and the.net.
Israeli government-owned Rafael Advanced Defense Systems Ltd and Indian company Kalyani Group announced an agreement to establish a Joint Venture to produce missile systems, remotely controlled weapons positions, and advanced systems for the protection of tanks and APCs (Armoured Personnel Carriers). Kalyani will own 51% of the new company, and Rafael 49%.
duction infrastructure is also expected to accommodate future production in India of the Magic Wand (David’s Sling) system for protection of armoured vehicles against anti-tank missiles.
Surface to air missile
Fifteen Israeli defense companies took part in this prestigious exhibition, presenting their developments at a pavilion set up by the Ministry of Defense Foreign Defense Assistance and Defense Export Organization (SIBAT).
The agreement between Rafael and Kalyani was signed during the Aero India weapons exhibition which recently took place between 18-25 February in Bangalore, India, which the leaders of the two companies attended.
Aero India 2015, now in its 10th year, is a premier aerospace exhibition, which attracts exhibitors from around 30 countries with 570 companies (274 overseas + 296 domestic) and 46 overseas delegations. It has also become a hub centre for defence business in Asia. According to the agreement production lines are to be set up in India and will produce components for Rafael’s systems, including the Barak 1 missile, the Spike anti-tank missile, and others. The new company’s pro-
India’s Prime Minister Narendra Modi speaking during the opening ceremony of the Aero India 2015 show.
Yip Ting Pong
“We have always wanted to contribute to the modernization of the Indian armed forces,” said Rafael chairman Brigadier General (res.) Yitzhak Gat, referring to the agreement with Kalyani. “This agreement is part of our global strategy of cooperative efforts in military development, based on Rafael’s technologies. The two companies have a great deal of synergy and joint opportunities for growth in new markets, including the Indian market, which is a strategic market for us.”
Ashok Kumar Gupta
Lincon Marine Service
Last October, the Indian Ministry of Defense reported a huge US$525 million deal with Rafael for providing 8,000 Spike anti-tank missiles and 300 launchers to India. This comes on top of another deal reported a month earlier, under which Rafael will supply Barak 1 missiles to the Indian navy for use on its warships.
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Published on Mar 6, 2015
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