Sompo to shut down Israeli innovation lab amid global restructuring
Japanese insurance giant to close Tel Aviv center after seven years of startup collaborations.
Japanese insurance giant Sompo is shutting down the Sompo Digital Lab in Israel. The center, which opened in 2018 and expanded with a dedicated cyber unit in 2023, is led by Yinnon Dolev. Sompo is one of Japan’s largest insurance companies.
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Over its seven years of activity, the Israeli innovation lab spearheaded collaborations with local startups such as TytoCare, Planck, Parametrix, GEOX, and EasySend. These partnerships involved pilot projects with Sompo’s headquarters in Japan and, in some cases, commercial deployments.
The Tel Aviv lab currently employs 13 people. According to the company, the decision to close the center is not related to its performance or local operations, but is part of a broader global organizational restructuring.
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Sompo International stated: “As part of a streamlining and global organizational change, Sompo has made the difficult decision to close its innovation lab in Israel. We thank the team for their many years of contribution.” The company added that “all existing collaborations will continue under the management of the relevant business entities.”
