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Israeli venture capital firm Magenta Venture sets up new technology-focused fund

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Israeli venture capital firm Magenta Venture sets up new technology-focused fund

Magenta Venture Partners launched a new $100 million venture capital fund to support early-stage Israeli technology companies.

The Israeli venture capital firm is a partnership between Japanese trading and investment company Mitsui & Co. Ltd. and two Israeli venture capitalists, Ori Israely and Ran Levitzky.

The fund, which aims to have its final closing this year, will target businesses in the automotive, mobility, artificial intelligence, enterprise software and financial technology sectors, among others.

Fund partners include Israely, who worked at Motorola Solutions Venture Capital and Giza Venture Capital; Levitzky, who worked at Viola Ventures; and Atsushi Mizuno and Hiroshi Takeuchi, who both worked at Mitsui.

Ron Shvili, chief technology officer and vice president of technology and information systems of Cellcom Israel Ltd., will serve on Magenta's venture advisory board.