The company held a launch meeting for the ST-Up accelerator in Israel on Tuesday January 30 and according to local reports is looking to select three to five local companies for its 18-month program. The program will provide startups with access to business angels and venture capitalists as well as potential technical support from STMicroelectronics and has its own website: www.stupacc.com.
ST stipulates that a successful company's business plan must include a hardware component from one of several categories that are important to ST. These include: microprocessors, microcontrollers, sensors, actuators and predictive maintenance and wireless communication chips or IP cores.
A spokesperson for ST said the ST-Up accelerator is focused on startups headquartered in Israel. The focus is less on financial support and more on giving companies access to ST internal resources and the ecosystem of suppliers, partners and customers.
ST has a history of successful partnership in Israel and includes Mobileye and Autotalks among its partners.
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