Israeli sports technology company expands to Cyprus

i-BrainTech’s decision is seen as a vote of confidence in Cyprus

Israeli sports technology company i-BrainTech, a pioneer in athletic brain training, on Tuesday announced its plan to expand its operation to Cyprus.

“The company’s cutting-edge solutions will be made available to elite young athletes in the region, empowering them to elevate their cognitive abilities and physical performance,” the announcement said.

“Already trusted by top professional athletes in leagues such as the Premier League and MLS, i-BrainTech’s technology is leading the change in the world of cognitive training,” it added.

The company’s team is comprised of experienced neuroscientists, artificial intelligence (AI) engineers, athletes, and entrepreneurs, who, in their own words, seek “to unlock human potential with neuroscience”.

“We are strong believers that our brains deserve just as much attention as our bodies to achieve the maximum performance improvement possible,” the company explained, which led to them developing a brain-training technology, with the aim being to revolutionise the way in which people train and improve.

“Our technology, developed with input from professional athletes and industry leaders, incorporates proven neuroscientific principles and machine learning algorithms, based on more than 10 years of academic research,” the company added.

Moreover, the company has previously stated that by using its system, athletes and patients from around the world have achieved great results.

“We have been deemed the “future of football” by World Soccer Magazine and welcome you to join us as we work towards transforming the future of sports,” the company said.

On the same day, National investment promotion agency Invest Cyprus released a statement welcoming the company’s decision to choose Cyprus as its next location to grow its business, labelling it “as an ideal destination for business implementation and expansion”.

Moreover, the agency said that i-BrainTech’s decision is another indication that Cyprus is becoming a preferred destination for technology firms in the European Union.

“This is due to the country’s targeted incentives, its low cost of living, and its commitment to developing and fostering an innovative tech ecosystem,” Invest Cyprus deputy director general Marios Tannousis said.

“Additionally, the country offers a business-friendly environment, with a skilled and educated workforce, and a strategic geographic location,” he added.

Discussing the move, Konstantin Sonkin, the CEO of i-BrainTech, said that “with our expansion to Cyprus, we are poised to make a lasting impact on the development of the next generation of athletes in the region through applying state-of-the-art brain training technology to the sports arena”.

“Cyprus is an ideal destination for our efforts, with unmatched procedures, business-friendly environment, and professionalism,” he added.

Sonkin further elaborated by saying that “Invest Cyprus has been a valuable partner, facilitating a smooth and efficient completion of all necessary procedures”.

Meanwhile, Invest Cyprus said that as the national authority responsible for attracting foreign investment and providing certainty to foreign companies operating in Cyprus, remains dedicated to this mission.

According to the agency, the number of foreign companies that relocated to Cyprus during 2022 increased by more than 50 per cent year-on-year, while the total number of jobs created increased by almost 80 per cent.

In addition, the total impact of the relocation of these firms on the Cypriot economy has been estimated to have reached €3 billion.

“Geographically located at the crossroads between Europe, Asia and Africa, Cyprus offers a highly-skilled, multilingual workforce, an advantageous legal framework, and a business-friendly environment for international investors and companies,” Invest Cyprus concluded in its statement.