Telefonica eyeing Israel’s high-tech sector to improve its portfolio

By Akshay Kedari  | Date: 2022-05-02

Telefonica eyeing Israel’s high-tech sector to improve its portfolio

Telefonica S.A. is planning to increase its investments in Israel’s high-tech sector this year, a senior official reported recently. The company, which is Europe’s third-largest telecommunications company, is also eyeing the country’s e-health and consumer targeting businesses.

AI startup WayraX, part of Telefonica, has already invested in Israel’s Upword, a company focused on developing AI-based solutions that help improve the efficiency of notes. WayraX is currently considering making another investment in Israel and a decision on the next step will be announced in a couple of weeks.

Confirming the news, Lusia Rubio, the head of WayraX, stated that the company has prepared to make a second investment in Israel before the year-end. He noted that the country is one of the most promising markets for the company’s new investments and ambitions.

Since it started operations in Israel in 2020, WayraX has made several investments in the country. The company’s subsidiary, Telefonica Ventures, also focuses on investing in companies that are mature and growing.

According to reliable resources, this capital inflow is at an early stage and WayraX will only make small initial investments. These funds will be used to help the companies expand their operations and develop their products and services with Marco claiming that the company’s value proposition is not financial but rather strategic.

E-health and the ability to connect with doctors online are some of Telefonica’s focus areas in Israel. In this context, Marco stated that the country’s consumers are also contributing to the company’s success.

Due to the dynamic nature of Israel’s ecosystem, Telefonica is constantly looking and intending for new opportunities to expand its operations in several areas. As part of its operations, the company also plans to establish a hub in Miami that will help connect Europe and Latin American countries.

Source Credits:

https://www.communicationstoday.co.in/telefonica-turns-to-israels-high-tech-to-boost-consumer-portfolio/

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Bayer sells environmental science biz to Indian firm for $13.5 million

Bayer sells environmental science biz to Indian firm for $13.5 million

By Akshay Kedari

German multinational pharmaceutical and biotechnology company, Bayer CropScience recently stated that its board has given the go-ahead for selling its Environmental Science Business to 2022 ES Discovery India, a private Indian company. The deal wi...

Stockly to raise another $12M to expand its operations & employee base

Stockly to raise another $12M to expand its operations & employee base

By Akshay Kedari

French-based software startup, Stockly is reportedly raising another $12 million (€12 million) in a Series A round from Daphni, Eurazeo, and several other business angels. Apparently, the firm pools together the inventory of several e-commerc...

Alipay+ allies with Asian E-Wallets to boost cashless travel in South Korea

Alipay+ allies with Asian E-Wallets to boost cashless travel in South Korea

By Akshay Kedari

Amidst rising efforts for promoting cashless travel, prominent mobile payment providers in Asia have recently announced an integration of the cross-border digitalized payment solutions from Alipay+ in South Korea. With this move, users of e-wallet...

Seracle, Sumsub partner for offering enhanced KYC protocols and cybersecurity

Seracle, Sumsub partner for offering enhanced KYC protocols and cybersecurity

By Akshay Kedari

Sumsub will assist Seracle in building an innovative blockchain ecosystem Sumsub will offer enhanced security to Seracle at a time when losses due to cryptocurrency thefts have increased by about 60% to $1.9 billion Seracle, a global blockc...

CATL unveils new Module to Bracket tech for heavy-duty electric trucks

CATL unveils new Module to Bracket tech for heavy-duty electric trucks

By Akshay Kedari

CATL, a Chinese battery manufacturer and technology company, has reportedly introduced a new battery technology known as Module to Bracket (MTB) for heavy-duty electric trucks. As per reliable sources, the MTB technology deploys the battery module...