Bengaluru: Leading global venture capital (VC) firm Accel on Thursday announced the launch of Accel Atoms 4.0, the fourth edition of its pre-seed scaling programme, which will provide select startups with up to $1 million in funding through equity or convertible notes and over $5 million in benefits from Accel's network of partners.
Building on the success of the previous three editions, this programme is designed to make the journey of startup founders as seamless as possible.
Accel Atoms 4.0 is inviting applications from two categories of pre-seed startups – those that are building for 'India' and AI (artificial intelligence). The VC firm defines 'India' as middle-income households spread across tier 2, tier 3 and rural India.
Anand Daniel, Partner at Accel, said, “The opportunity in India is huge and we expect many multi-billion-dollar startups to emerge from this opportunity. The top 20 per cent of the rural population has a higher MPCE (monthly per capita expenditure) than the top 50 per cent of the urban population. This highlights substantial purchasing power, which is often overlooked.”
“Innovative founders will leverage infrastructure advancements in these regions to build scalable, economically viable solutions tailored to the emerging needs of ‘Bharat’. With Accel Atoms 4.0, we are excited to give founders the guidance, support network, and capital they need to succeed in delivering solutions to underserved customers in ‘Bharat’.”
Pre-seed stage startups, including concept-stage and pre-product companies, are eligible to apply. Startup founders at Excel Atoms 4.0 will also have access to its global community of over 200 founders, mentors, and potential customers.
Prayank Swaroop, Partner at Accel, said he wants to provide Indian-origin founders the best foundation for success globally.
“In the last two years, Accel has invested in over 27 early-stage AI companies run by Indian-origin founders. The Accel Atoms 4.0 AI cohort will feature personalised one-on-one mentorship from global AI veterans and Accel's network of AI founders and senior-level operators from the Indian diaspora. We are creating a platform to support Indian founders to build AI from India, for India and for the world,” Swarup said.
The Excel for AI group is looking for startups by visionary Indian-origin founders based anywhere in the world who are building companies that are innovatively using AI for commercial use or building development tools for the AI ecosystem. The Excel for India group is looking to support founders building for India across various sectors.
Applications for Excel Atoms 4.0 will open on September 16, 2024, and can be accessed at https://atoms.accel.com. Since its inception in 2021, Excel Atoms has funded 32 startups that have collectively raised over $200 million to date.
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