VC firm Accel has announced the opening of applications for the third cohort of its accelerator program, Atoms 3.0. The six-month program, set to commence in September 2023, aims to provide industry-specific guidance to early-stage startups operating in the fields of AI and Industry 5.0.
While there has been a cautious approach to funding from investors, recent trends indicate that they are still keen on supporting early-stage startups with the potential for substantial impact. Since 2014, approximately $6 billion in seed funding has been raised, with nearly 50% of this amount raised between 2022 and July 2023 alone, according to data from Inc42.
However, having a groundbreaking plan is not enough to ensure long-term success. Startups also need mentorship, guidance, and resources to transform their visions into viable businesses. Accel’s Atoms program aims to address this need by offering mentorship and investments of up to $500,000 initially. Accel may consider further investments of up to $2 million in follow-on funding rounds.
This edition of the accelerator program will take a thematic approach based on feedback from previous cohorts. Startups targeting similar industries and at similar stages of evolution will have the opportunity to learn from each other and foster collaborations.
Atoms has a proven track record of success, with previous cohort companies raising over $160 million from Accel and other funds. The program has been instrumental in supporting startups in diverse sectors such as SaaS, Web 3.0, healthtech, and ecommerce.
Early-stage startups that participate in Atoms will benefit from actionable insights provided by a community of experts and personalized mentorship tailored to their unique needs. The program will help startups in the pre-product or pre-revenue stage identify the right product-market fit, gain customer loyalty, and achieve sustainable growth. Cohort members also gain access to perks worth over $5 million from Accel’s network partners, including AWS, Google Cloud, Azure, and more.
Accel’s deep expertise in working with AI startups, coupled with their strategic foresight, led them to choose AI and Industry 5.0 as the core sectors for this edition of Atoms. The firm has closely worked with companies like Zetwerk, Detech Technologies, Ripik, Facilio, and Haver Water, gaining insights into how AI and robotics are revolutionizing manufacturing and automation.
Indian startups, in particular, are well-positioned to receive funding support for their AI ventures. India ranks among the top ten countries in terms of AI funding, with startups in the country collectively securing $7.73 billion between 2013 and 2022, according to NetBase Quid.
Accel’s Atoms 3.0 presents a unique opportunity for visionary founders from India and Southeast Asia to shape the future of AI and Industry 5.0. Startups interested in participating can apply now and potentially become a part of an exclusive community that fosters innovation and growth.
Q: What is the duration of Atoms 3.0?
A: Atoms 3.0 is a six-month cohort-based program.
Q: What sectors does Atoms 3.0 focus on?
A: Atoms 3.0 is curated for startups operating in the AI and Industry 5.0 sectors.
Q: How much investment can startups receive through the program?
A: Selected startups will be eligible for investments of up to $500,000 initially, with potential follow-on funding rounds of up to $2 million.
Q: What are the benefits for participating startups?
A: Startups in the program will receive mentorship, guidance, personalized support, and access to perks worth over $5 million from Accel’s network partners.
Q: How successful has the Atoms program been in the past?
A: Previous cohort companies of Atoms have raised over $160 million from Accel and other funds.