PTC to invest over $4.5 million in Technion – Israel Institute of Technology
The strategic collaboration will see the American software giant establish an R&D center in the Technion's Haifa campus
U.S. software giant PTC has entered into a long-term strategic collaboration agreement with Technion – Israel Institute of Technology under which PTC will establish a Research & Development center and invest NIS 15 million (approximately $4.6 million) into Technion’s Haifa campus. Under the terms of the agreement, PTC, which is traded on Nasdaq and has a current market cap of over $15 billion, and Technion will jointly research and upgrade learning processes relating to advanced manufacturing technology. PTC’s Haifa development center will relocate to Technion under the leadership of Dr. Michael Reitman.
“Today, scientific and technological breakthroughs need both multidisciplinary research and close collaboration between academia and industry. Industry is at the forefront of active implementation and is well-acquainted with market needs, whereas academia brings basic scientific knowledge and research depth,” said Professor Uri Sivan, President, Technion – Israel Institute of Technology. “This is why, in the past few years, Technion has placed greater emphasis on working to tighten its connections with industry, and the present agreement is the culmination of a long-standing relationship between Technion and PTC. We believe the agreement enables both parties to gain ground, grow, and reap the benefits of each other’s strengths.”
Technion – Israel Institute of Technology. Photo: Technion
PTC has also allocated an annual budget for joint research in industrial IoT, augmented reality, simulation, and generative design. The allocation supports Technion faculty by providing software products; awarding scholarships and incentives to students and researchers; initiating hackathons and contests, and sponsoring educational programs.
Announced in 2014, the initial agreement between PTC and Technion jumpstarted a robotics and digital content program for the Science and Technology department, including a teaching laboratory for industrial IoT, computer-aided design, manufacturing, and augmented reality, among other STEM topics. As a result of the long-standing collaboration, Technion alumni have joined PTC to lead the Company’s Haifa development center, PTC’s second-largest center outside the U.S.
“The importance of collaboration between academia and industry is recognized worldwide,” said Ziv Belfer, Divisional Vice President of Global Research and Development and General Manager, PTC. “PTC has enjoyed 15 years of successful collaboration with Aachen University in Germany, including the construction of a separate campus that also houses R&D laboratories for companies that collaborate with academic staff. Several projects subsequently became success markers for commercial companies, and we look forward to replicating these efforts with Technion in Israel.”