Standout Retail and Fintech startups selected to work with renowned corporates, sharing knowledge and skills to create disruptive solutions tailored to global markets
Jerusalem, Israel, March 26th, 2018 – Jerusalem Venture Partners (JVP), Israel’s leading venture capital firm, announced their innovative JVP Play platform is now underway, matching early stage startups with leading multinationals to address real market needs. The chosen startups are working in collaboration with Tesco, PepsiCo and Barclays to develop groundbreaking solutions in AI and Deep Learning that will help form the future of the finance and retail industries.
Ten startups were selected from over 150 applications, having undergone a rigorous, collaborative review process by JVP, Tesco Labs, the global innovation arm of British retail giant, PepsiCo, whose leading FMCG brands include Walkers crisps, Doritos, Tropicana, and Pepsi, and global banking and financial services leader Barclays via its innovation arm, Rise. The startups were assessed on their ability to solve a challenge that would significantly impact the multinationals.
The strategic partners have volunteered senior experts to work closely with the startups, advising on how to create a clear path to product and technology validation. PepsiCo, Tesco and Barclays provide unrivalled expertise, access to market knowledge at the earliest stage and real-world testing as part of the partnership. Subject to POC (proof of concept) viability, the corporates may choose to adopt these groundbreaking solutions, becoming both a valuable customer and engaged design partner.
“PepsiCo’s current and future competitive advantage is anchored on agility and speed; better anticipating market shifts and being first to market with the best solutions” said David Schwartz, PepsiCo Head of ESSA Venturing & Innovation. “We are extremely pleased to work with JVP Play to identify and establish opportunities for growing international startups which create win-win-win solutions for these new businesses, for PepsiCo and most importantly, for consumers. We anticipate a fruitful partnership which allows PepsiCo to better serve its customers and consumers and enables entrepreneurs to achieve their goals faster.”
Joining JVP Play is part of PepsiCo’s commitment to open innovation and to collaborating with innovators that are helping to shape the food and beverage industry. It plays an important role in helping PepsiCo to realise its Performance with Purpose goal of delivering sustainable long-term growth while leaving a positive imprint on society.
JVP Play is the first initiative that Tesco Labs has been involved with outside of the UK and with Israel’s startup ecosystem specifically. “JVP Play is a new framework for a new world, in which entrepreneurs find the solutions to the challenges which the giant players in the tech field are facing in real time,” commented Erel Margalit, Founder and Chairman of JVP. “Industries are facing serious challenges during this digital transition and it is exciting to play a role in the delivery of fresh approaches that enable them to compete more effectively.”
“The JVP Play platform facilitates a win-win situation for startups, strategic partners and investors. Our aim is to expose the Play startups to the global market, premium clients, and potential business partnerships,” adds JVP General Partner, Yoav Tzruya. “We are connecting our strategic partners PepsiCo, Tesco, Barclays, Microsoft and Deloitte with Israeli innovators who can aid them in the digital revolution they are initiating. For us, as investors, this cooperation enables us to identify issues, their solutions, and to work on products that meet market needs. Our aim is to invest in technology that can be the next big thing”.
“Our framework was designed to dramatically increase the conversion ratios of POCs and pilots by startups by matching corporate demand with the right solution for each challenge. By playing an active role in the POC, helping all parties to better communicate, work closely together and execute the POC, we increase the chances of converting a solution into a commercial agreement,” says Yonatan Machado, JVP Labs Partner and Head of JVP Play.
Leveraging AI and Deep Learning to drive efficiency, business growth, and customer service, the startups in JVP Play aim to provide companies worldwide with the tools to embrace global industry trends with cutting-edge technology solutions. These include:
Oriient – A first-of-its-kind, indoor GPS. With no physical infrastructure or installations, Oriient enables 1-meter accurate indoor positioning in any retail store.
A stealth mode startup, providing video analytics solution for frictionless checkout.
Bravo.ai – Leveraging AI to automate manual labor in hospitality and retail, Bravo is the latest opportunity facilitating the digital transformation of blue collar, frontline service work.
CB4 – By applying patented machine-learning algorithms to simple sales data, CB4’s software captures lost sales by correcting in-store operational issues.
Polymer Logistics – The leading provider of One-Touch/Retail Ready Packaging solutions to large retailers is developing next-generation smart packaging designs.
Water.IO – This platform enables Consumer Packaged Goods companies to create connected, smart-packages, with no change in their production lines, facilitating direct engagement with their customers and supporting auto replenish.
cnvrg.io – A full stack data science platform that manages and accelerates data science workflows from development to production, providing a collaborative environment for teams to build state-of-the-art AI models at scale.
Payzday – This risk-mitigated Advanced Money Transfer platform seamlessly enables lenders to advance cash to online marketplace merchants.
Kinor – Transforms web data into useful formats that match customer requirements, using semantic tools and advanced AI for automated end-to-end data collection, analysis, normalization and fusion.
Additional JVP Partners include Microsoft Accelerator and global consulting firm Deloitte.
About Jerusalem Venture Partners (JVP):
Jerusalem Venture Partners (JVP), is an internationally renowned venture capital fund based in Israel. Established in 1993 by Dr. Erel Margalit, JVP has raised to date $1.2 billion across 8 funds, and has been ranked numerous times by Preqin as one of the top-ten consistently performing VC firms worldwide. JVP has built over 120 companies, leveraging a broad network of partners and market expertise to help companies to become global market leaders. Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ and numerous industry sales. With a view to building industry leaders, JVP invests in early through growth stage companies in the spaces of Cyber-Security, Big Data, Fintech, Enterprise Software, Storage, Mobile, Media and IoT.
About Tesco Labs:
Tesco Labs is Tesco’s research and development team, conceived to shine light on future opportunities and challenges for Tesco. Labs is a trusted source on emerging technology and is focused on prototyping and testing new ideas in technology areas that could significantly impact customers and the business in the future. Through collaboration with colleagues, suppliers, academics and entrepreneurs, we tackle the most pressing problems. All our opportunities and challenges are made visible, along with their hypotheses, findings and next steps. Our deliverables are the knowledge, insight and validated learning which can be used to support business cases and develop new customer propositions. Interested in finding out more about the team and our work? Visit tescolabs.com.
PepsiCo products are enjoyed by consumers one billion times a day in more than 200 countries and territories around the world. PepsiCo generated approximately $63 billion in net revenue in 2016, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
At the heart of PepsiCo is Performance with Purpose – our fundamental belief that the success of our company is inextricably linked to the sustainability of the world around us. We believe that continuously improving the products we sell, operating responsibly to protect our planet and empowering people around the world is what enables PepsiCo to run a successful global company that creates long-term value for society and our shareholders. For more information, visit www.pepsico.com
About Rise Tel Aviv, Barclays:
Rise Tel Aviv is Barclay’s innovation center, creating a platform for FinTech collaboration between Barclays Bank and local startup companies. The innovation hub has a co-working space, nightly events, mentorship, and a top FinTech Accelerator program. Rise Tel Aviv is the perfect place to scale your FinTech startup.
About Microsoft Accelerator:
Microsoft Accelerator is a global program built to empower startups around the world on their journey to build great companies. We work with market-ready startups, mostly in their “Series A” funding period to provide the tools, resources, connections, knowledge and expertise they need to become successful companies. Our goal is to help startups mature into enterprise-ready companies by scaling every aspect of their business. Our accelerators are in several cities around the world: Bangalore Beijing, Berlin, London, Paris, Seattle, Shanghai and Tel-Aviv.
Deloitte is the world’s leading professional services firm, providing a wide range of world-class audit, tax, consulting and financial advisory and trust services to public and private clients spanning multiple industries. Deloitte Israel serves domestic and international clients, public institutions and promising fast-growing companies. Deloitte’s Innovation Tech Terminal (ITT) serves as a platform to support enterprises looking to discover innovative ideas, technologies, and capabilities outside of their own walls. Its mission is to provide global clients access to Israel and leverage the Israeli innovation ecosystem. ITT also supports Israeli startups through our holistic offerings, including consulting, advisory and accounting services.