Japan’s NTT Data, Sompo seek Israeli startup collaborations

The two Japanese companies are seeking startups in quantum cryptography, secure computation, IoT sensor devices,and video content analytics.

Japanese IT services supplier NTT DATA is partnering with the Israel innovation lab of Japanese insurance giant Sompo to launch a call for proposals for Israeli startups. Sompo has been active in Israel since 2018 through its local innovation arm.

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The first-of-its-kind collaboration was announced during the recent Japan Israel Open Innovation Summit. Initially, the two Japanese companies are seeking startups in quantum cryptography, secure computation, IoT sensor devices, and video content analytics. Relevant startups can apply until December 12 Relevant and will perform proof of concept (POC) with the goal of building long-term strategic collaboration with two of Japan’s biggest corporations. The two Japanese companies will also consider opportunities for investments in the startups.

For Sompo and NTT DATA’s, this collaboration constitutes the development of new services for their clients. For participating startups, this is an opportunity to gain a foothold in new markets, access a partner network that is among the largest in the world, and reach potential investors.

Sompo Digital Lab Israel head Yinnon Dolev said, “The collaboration between NTT DATA and Sompo is part of a strategic move by both companies that includes expanding into new domains by creating joint ventures with growing tech companies. We believe that through this collaboration, we will be able to improve the services we provide to millions of clients worldwide.”

Since setting up Israeli operations, Sompo has invested over $20 million in Israeli startups, and developed collaborations, including with Intuition Robotics, Nexar, Guardian, Sensifree, and Binah.ai. These days, the digital lab, led by Dolev, is also on the search for technologies in the domains of insurtech, transportation, agritech, fintech, cyber, technological solutions for the elderly, and solutions in the fields of medtech and healthtech, two areas that are experiencing a significant boom in recent years, even more so since the outbreak of the Covid-19 pandemic.

NTT DATA is considered one of the world’s leading IT and integration service providers and is traded on the Tokyo Stock Exchange with a market cap of $18.6 billion. Sompo, in business for 133 years, is traded at a market cap of $14.8 billion.