BIG 12 from Start-Up Chile: 59 selected startups led by biotech, 35% are foreign and almost 60% use AI
The public accelerator of Corfo announced the selected startups for its new generation, which will receive co-financing of up to $75 million.
Out of a total of 1,296 applications, Start-Up Chile, the public accelerator of Corfo, selected the 59 startups that will be part of its next generation (BIG 12) and will receive co-financing of up to $75 million and intensive support to grow their businesses.
64% of the enterprises are Chilean, while 35% are foreign, primarily from Peru (24%), followed by Colombia and Argentina (19% each), Mexico (10%), in addition to Uruguay, Switzerland, Portugal, Poland, Italy, and Russia.
"Our accelerator achieves something very unique, going beyond monetary support. Bringing together technological ventures from different countries and diverse industries generates a collaboration and exchange of ideas and experiences that greatly enriches the local innovation ecosystem. We are very excited to welcome a new generation of entrepreneurs who will generate a positive impact not only on the productive matrix of our country, but also on the well-being of people," says the Executive Vice President of Corfo, José Mujica.
This generation, which will begin its acceleration process in September, focuses on innovative solutions for the Health and Biotechnology industry (19%). Among them, Amnova Biotech (Argentina), which is developing a new regenerative therapy to help the heart heal after a heart attack, and Glya (Colombia), a digital health platform that transforms the care of patients with chronic diseases, migrating to a continuous care model based on data.
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Other represented industries include: Agriculture and Natural Resources (17%), Financial Services and IT Tools (12% each), Education, Construction, Marketing, Energy, Tourism, Legal, Human Resources, and Retail.
Almost 60% declare using Artificial Intelligence as their main technology, a trend that has remained constant over the last three generations of Start-Up Chile. For instance, Fiordo.ai (Russia) uses this tool to develop a software that automates regulatory and operational reports for aquaculture companies. Also, there is SQUAIR (Colombia), an AI Co-Pilot for industrial refrigeration that reduces the energy bill by up to 30%.
"In this new generation, we can clearly see how the level of startups has been growing. On one hand, the process of going from an idea to building a functional prototype is increasingly faster, which is partly due to the available technological tools. Likewise, the time to market has been reducing and the sales volume has been increasing in the applications, even in those programs for early stages, showing that technological ventures continue to position themselves as profitable and relevant solutions for industries and communities, both in Chile and the world," comments the executive director of Start-Up Chile, Javiera Araneda.
In terms of female participation, 24% of the selected startups are led by a woman. Among them, DeRaíz (Chile) stands out, which turns coffee grounds into a new generation of circular biomaterials, and MentorU (Chile), which is a job training platform for sales teams. The founders can count on special support through the Female Founder Factor initiative, which considers gender parity in the early Build stage, an additional percentage of co-financing in the more advanced phases, and exclusive meeting opportunities.
The startups will enter the Build, Ignite, and Growth programs according to their level of development, through which they will receive funds of $15, $30, and $75 million in equity-free co-financing, respectively. In addition, they will receive free co-work space, mentorship, and connections with corporates and investors.