Port technology accelerator

The Silicon Valley firm, 500 Global, beat more than ten other accelerators to seal the deal at the Port of Ashdod, around 40 km south of Tel Aviv. The three-and-a-half-year agreement is the first time that 500 Global has run an accelerator in Israel.

This latest innovation will help make the port more efficient, increasing productivity and creating an important channel for investment and income. It is part of a broader initiative which will see more than US$750 million invested to help the port compete with private sea ports scheduled to open later this year.

“I am proud that we are realising the vision for Ashdod Port that began over two years ago and want to announce a new stage in the promotion of innovation and start-ups in the port,” said Shiko Zana, chief executive of Ashdod’s board of directors.

Ashdod, along with ports in Rotterdam and Singapore, is one of the few in the world to invest in technology in this way.

“We are breaking into a ‘blue ocean’ that is eager to absorb technology and hope that we can bring the good news to other ports in the world,” said Shiko Zana.

The programme will see 500 Global recruit around ten start-ups operating in the fields of energy, logistics and shipping to use smart technologies in a range of activities such as optimising freight loads, increasing safety, reducing navigational risks and maintenance costs and increasing cyber protection.