San Francisco based startup accelerator Alchemist Accelerator has raised $2m from GE Digital to launch a new accelerator program for IoT startups. Timothy Chou, former President of Oracle On Demand, will chair the new accelerator.
In the past, enterprise hardware and software startups were seen as capital intensive, with the challenge of long sales cycles. That made them less appealing to early-stage investors. But VC’s at every stage appear more interested in enterprise tech these days as sensors, wearables, robotics and autonomous vehicles are transforming industrial sectors. Alchemist Accelerator Managing Partner Ravi Belani said, “Industrial applications and next gen internet in industry are exciting right now. Robots and drones get a lot of attention. But AI and machine learning advances are also making forecasting and automation possible in ways we never even imagined.” Participants in the new IIoT program at Alchemist will have access to special events, coaches focused exclusively on industrial internet businesses, help connecting with prospective customers and other resources. Most will work out of Alchemist’s office space in Xerox PARC.