Samsung Closes Israeli Accelerator After Four Years

Samsung has closed its Israeli accelerator, Samsung Runway, two people familiar with the matter told Calcalist on condition of anonymity. The accelerator's website is no longer operational.

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Last month, enterprise software company Oracle Corp. closed its Israeli accelerator after two years of operations and two cohorts.

Samsung Runway started operating in 2015, offering local startups the opportunity to partner with the South Korean electronics giant in their early stages, as well as a $50,000 no-equity grant and mentorship. Estimates place the number of graduating companies at around 50, across five cohorts.

Samsung is one of the more active multinationals in Israel's tech scene, making local investments through several funds. The company has also made two acquisitions in Israel, most recently in January, when it acquired Tel Aviv-based smartphone camera company Corephotonics Ltd. for around $150 million.

Earlier this month, Intel CEO Bob Swan announced the company would soon launch an accelerator in Israel, called Ignite, which will host 10 to 15 pre-seed to seed stage startups for a 20-week mentorship program.