PTC Establishes R&D Center at the Technion - Israel Institute of Technology

Rhea-AI Summary

PTC has announced a long-term strategic collaboration with Technion – Israel Institute of Technology, establishing a new Research & Development center at its Haifa campus. PTC will invest ₪15 million (approximately $5 million) to enhance research in fields like industrial IoT, augmented reality, and generative design. This initiative aims to improve learning processes in advanced manufacturing technology. The collaboration builds on a previous partnership since 2014, emphasizing the importance of academic and industry synergy.

Positive

• Investment of ₪15 million ($5 million) into R&D at Haifa campus.
• Focus on advanced manufacturing technology and industrial IoT.
• Strengthening of academic and industry collaboration.

Negative

• None.

BOSTON, April 29, 2021 /PRNewswire/ -- PTC (NASDAQ: PTC) has entered into a long-term strategic collaboration agreement with the Technion – Israel Institute of Technology under which PTC will establish a Research & Development center and invest ₪15 million New Israeli Shekels ($5 million USD) into PTC's Haifa campus. Under the terms of the agreement, PTC 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.

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.

"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."

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 and General Manager, Research and Development, PTC. "PTC has enjoyed fifteen 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."

About PTC (NASDAQ: PTC)
PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don't just imagine a better world, we enable it.

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Media Contacts
PTC
Corporate Communications
Greg Payne
gpayne@ptc.com  

Technion – Israel Institute of Technology
Communications & External Relations
Doron Shaham
sdoron@technion.ac.il

PTC and the PTC logo are trademarks or registered trademarks of PTC Inc. and/or its subsidiaries in the United States and other countries.

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SOURCE PTC Inc.

FAQ

What is PTC's investment in Technion?

PTC is investing ₪15 million ($5 million) in Technion to establish a new R&D center.

What technologies will PTC and Technion research together?

They will focus on industrial IoT, augmented reality, simulation, and generative design.

When was the collaboration with Technion announced?

The collaboration was announced on April 29, 2021.

What is the significance of the agreement between PTC and Technion?

The agreement aims to enhance learning in advanced manufacturing technology and strengthen ties between academia and industry.

Where will PTC's R&D center be located?

The R&D center will be relocated to Technion's campus in Haifa.