VC firm Accel to invest $1 million in AI sector startups
New Delhi| Leading global venture capital (VC) firm Accel announced the launch of Accel Atoms 4.0, the fourth version of its pre-seed scaling program. Under this, select startups will be provided financial help of up to $1 million through equity or convertible notes and will receive other benefits worth more than $5 million from Excel’s network partners. Building on the success of the last three editions, this program has been designed to make the journey of startups founders as seamless as possible. Accel Atoms 4.0 is inviting applications from two categories of pre-seed startups – those building for ‘India’ and AI (artificial intelligence). VC firm defines ‘India’ as middle income households spread across Tier 2, Tier 3 and rural India.
“The opportunity in ‘India’ is huge and we look forward to the emergence of many multi-billion-dollar startups from this opportunity”, said Anand Daniel, partner, Accel. The MPCE (monthly per capita expenditure) of the top 20 per cent of the rural population is higher than that of 50 per cent of the urban population. This highlights substantial purchasing power, which is often overlooked.
“Innovative founders will leverage infrastructure advances in these sectors to create scalable, economically viable solutions tailored to the emerging needs of ‘India’”. With Accel Atoms 4.0 we are excited to give founders the network and capital to guide, support, so they can succeed in providing solutions to underprivileged customers of ‘India’. Startups going through the concept stage and having pre-seed stage including pre-product companies are eligible to apply. Startup founders in Accel Atoms 4.0 will also have access to their global community of over 200 founders, mentors, and potential clients. Prayank Swarup, partner at Accel, said he wants to provide the best foundation for success to founders of Indian origin globally.
Swarup explained, “In the last two years, Accel has invested in more than 27 early-stage AI companies of Indian-origin founders”. The Accel Atoms 4.0 AI group will have individual one-on-one mentorship from global AI giants of the Indian diaspora and networks of Accel’s AI founders and senior-level operators. We are setting the stage to support Indian founders to build AI from India, for India and for the world.”
Accel for AI Group is looking for startups by visionary Indian-origin founders based anywhere around the world, creating companies that are innovatively using AI for business use or building an AI ecosystem. Making development tools for. Excel for India Group seeks to support founders building for India in various fields.
Applications for Accel Atoms 4.0 will open on 16 September 2024, which can be viewed on https://atoms.accel.com. Since its inception in the year 2021 Excel Atoms has financially supported 32 startups that have collectively raised over $200 million so far.
