Techcelerator and Google for Startups announce the launch of “Advancing AI” acceleration program for local startups looking to build AI products and scale their businesses. The program aims to boost the Romanian AI ecosystem by supporting AI entrepreneurs with access to the dedicated AI resources provided by Google.
Applications are open here until October 15th, 2020. All applicants will be invited to an online session during which Google AI experts will talk about the industry, opportunities, and success stories. After this meetup, the jury will select up to 5 teams. The thoroughly selected teams which will enter the program will have to cumulatively meet the following criteria: have a strong technical team with a prototype or a Minimum Viable Product (MVP) making use of technologies like AI, ML, Deep Learning, Big Data, Advanced Analytics. The startups should aim to have a feasible product, an internationally scalable solution, and a strong commitment to validate and expand fast in the targeted market.
By having access to the best of Google – its experts, network, and advanced technologies – the startups will benefit from 2 months of mentoring sessions focused on three modules essential for their business development: “AI Design Thinking, a human-centred approach to building AI products”, “AI Product Management and Marketing”, and “Investor Readiness”. The program will end in December, with the AI Graduation Demo event.
Dan Oros, Head of Marketing, Google Romania, states: “We’re focusing on AI because we think it can solve the biggest problems for most users. AI is creating new opportunities and improving users’ lives. We believe the benefits of AI will be most impactful when everyone can access it. Therefore, we’re committed to helping ensure that AI is available to everyone and that users, developers, entrepreneurs, and enterprises can all access its benefits. We want to help startups build great AI products”.
“Advancing AI” acceleration program provides access to CEE institutions for biz creation and proof of concept, to Techcelerator partners’ perks, access to an investors network for follow -up funding, dedicated AI mentors, and knowledge tailored to the startups’ needs, and ongoing portfolio support after acceleration.
For this specific program, Techcelerator maintains the same level of potential investments as in the case of the Fintech program rolled out in parallel: up to 200,000 euros from GapMinder VC and access to co-investment deals from SeedBlink crowdfunding platform, business angel communities, like Tech Angels, and other international investors, as the startups’ progress during the acceleration program.
“Techcelerator advances with its strategy of tackling specific verticals for its acceleration programs. We recently announced our fifth batch, which focuses on Fintech, and now we are opening applications for AI-based startups. Nowadays, AI can encompass anything from Google’s search algorithms to incredible tools to solve almost anything. And is progressing rapidly. For quite a while, we have been involved, together with our partners GapMinder VC, SeedBlink, TechAngels, in further expanding the AI local business. Now, with Google AI experts aside, we are able to provide startups with extra top-notch know-how from international experts and corporate partners so they can build innovative and successful business models”, said Cristian Dascălu, Co-Founder of Techcelerator & GapMinder VC Partner.
Up to now, Techcelerator and GapMinder supported the fundraising of several #DeepTech companies among which FintechOS, Medicai, XVision, SecurifAI, Cyscale, and TypingDNA. The later one attracted investments also from Gradient Ventures – the Google specialized VC arm on AI, based in San Francisco.
All the companies included in the “Advancing AI” program will also receive benefits from Techcelerator partners in total value of over 150,000 euros: Google Cloud free access, Stripe credits, HubSpot startup accounts, FreshWorks product software, and more.
Techcelerator proudly supported over 40 startups during its previous batches and also during various assistance programs organized standalone or in partnership with other ecosystem entities. In only 2.5 years since its establishment, the accelerator portfolio benefited from a cumulated investment of over 5 million euros from the investment rounds attracted until now.