CDP Venture Capital kicks off the new strategy outlined in the 2024-2028 Business Plan , which sees artificial intelligence as the protagonist with one billion euros of dedicated resources, announces the launch of the Frontech accelerator, focused on the growth of startups that develop innovative digital solutions in the fields of AI, web 3.0, and the metaverse.
The programme was created with a total budget of €7 million, intended for initial investment tickets and subsequent post-acceleration follow-ons, of which €5.6 million allocated by CDP Venture Capital’s Accelerator Fund and the remainder by co-investors Gellify and Cariplo Factory, which will operationally manage the programme.
The accelerator also benefits from the contribution of the institutional partner Fondazione Sardegna, its innovation hub Innois, as well as the technical partners Algorand and Microsoft, through its AI L.A.B. program, created to promote the responsible adoption of generative AI by companies, and the corporate partners Bper, Banco di Sardegna and FPZ.
Frontech is an integral part of the National Network of Accelerators that CDP Venture Capital is developing throughout the country, focusing on the sectors with the greatest growth potential and which today has 19 operational hubs in Italy to support skills and entrepreneurship in innovation.
Frontech’s areas of intervention range within the category of so-called “frontier” technologies, i.e. enabling technologies for digital transformation, with applications such as digital identity, blockchain, intellectual property authentication, generative AI models, gaming, AR/VR (Augmented Reality/Virtual Reality), digital art, new publishing, in which investments are being concentrated more worldwide.
“The field of AI and in particular generative AI represents one of the greatest transformative technologies of the coming decades, comparable to the advent of the internet and the cloud. The impact will be able to transform entire markets through the development of new products and services enabled by the creation of intelligent agents,” Agostino Scornajenchi, CEO and General Manager of CDP Venture Capital, said in a statement. Italy can, and must, play a decisive role in this game, recovering competitiveness and supporting its talents. CDP Venture Capital’s commitment, which is part of the National Strategy on Artificial Intelligence, is to select and grow the best businesses by investing and leveraging its ability to catalyze investments from other private entities, as in the case of the Frontech accelerator”.
“The project confirms the commitment of the Fondazione di Sardegna in the field of innovation, both in terms of investments and potential effects on the territory. The frontier technologies on which the Frontech accelerator focuses will have an increasing impact on people’s way of living and working, and the skills and talents present in Sardinia will make their contribution to this new digital revolution,” says Giacomo Spissu, president of the Sardinia FoundationIn addition, this initiative further strengthens our collaboration with CDP Venture Capital: a well-established partnership that has proven over time to be an effective lever towards lasting and sustainable progress and that confirms Sardinia as an innovation-oriented territory”.
“Frontier technologies are radically transforming our economic and social landscape, driving a new era of transformation,” said Michele Giordani, chief of strategy, client & ecosystem at Gellify. As a co-investor in the project, Gellify is committed to a mission that it has embraced for some time: to make these technologies accessible and integrated into the Italian industrial fabric, supporting companies in their path of adoption and implementation of cutting-edge solutions. This is the path towards greater Italian competitiveness in the global market”.
“We are very proud to contribute to this new accelerator of the CDP Venture Capital National Network dedicated to the so-called frontier technologies that more than any other innovation are impacting, in a transversal way, all production sectors,” adds Carlo Mango, CEO of Cariplo Factory. Digital transformation is in Cariplo Factory’s DNA, just like its vocation for ecosystem initiatives: I am convinced that the business projects that we will grow in the coming years will bring to the market technologies capable of generating value for the economy of our country”.
Ten starts per year for three years
10 startups in the seed and early stage phase will be selected every year for three years that will have access to an initial investment ticket of 120 thousand euros and a 6-month course aimed at accompanying creators, developers and founders in building the technological and commercial infrastructure of their solutions dedicated to web 3.0, metaverse and generative AI.
During the acceleration phase, the selected startups will focus on enhancing their business proposal through interactive sessions focused on four key areas: vertical technology workshop, product development & service design, business development, fundraising, up to the implementation of a POC (proof-of-concept) with Frontech’s partner companies that will be presented at the final demo day.
The Frontech accelerator will be based in Sardinia, with a reference base in Cagliari in the spaces of Opificio Innova, inside the former Manifattura Tabacchi, and provides for a hybrid mode of use by accelerated startups.
The call for the selection of the top 10 startups is open until May 19th . The selection is open to Italian and international startups that intend to open a registered office in Italy.
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