Just two weeks later after PM Modi made a historic visit to Israel in July 2017, Israeli startup, MindoLife secured a giant $ 20 million deal with India`s SAR Group. In what will be a long-term strategic agreement between the two firms, MindoLife will be supplying its IoT technology which will be integrated in SAR`s full range of products.
MindoLife to supply technology to power SAR products
MindoLife will be supply its Cyber-Things products to SAR to be incorporated into the Indian firm’s water bars and home-energy systems over the next three years. The application of the network and communication management for SAR home energy storage devices will help in monitoring the power loads and supply efficiently.
Profile of the deal signing firms
Based in Haifa, MindoLife was founded in 2014 at the Hybrid accelerator in the Galilee city of Nazareth, and have been funded with money from the Israel Innovation Authority. They are a small startup team with seven employees and are backed by no venture capital firms.
Founded in 1988 and operating in around 36 countries worldwide, SAR Group is an Indian firm delivering high quality power products for home and commercial applications. They have business interest in five main verticals including automated batteries and water purifiers.