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Ten companies have been selected to take part in an accelerator program to work on a wide range of defence and security related technologies.
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Techstars Adelaide, which is part of the Techstars Worldwide Entrepreneur Network, has selected four Adelaide start-ups, one Melbourne, one Brisbane start-up and four overseas start-ups for its 13-week intensive program.
The 10 selected start-ups, chosen from applications from 49 different countries, will gain access to high profile mentors, the Techstars global network, a newly renovated work space in the Adelaide CBD and a cash investment of up to US$120,000 in their companies.
The companies will work on defence and security related technologies including big data and analytics, sensors, unmanned aerial systems, rocket propulsion, cyber and physical security, and performance improvement.
Techstars Adelaide managing director Terry Gold said, after a gruelling selection process, he was looking forward to working with the selected companies, while also introducing the four overseas companies to Adelaide.
"The selection process was not an easy one due to the large volume of very strong applications," said Gold.
"We were hugely impressed by the depth of innovation coming from the defence and related sectors. We were particularly excited to see that so many of the applications that really stood out from the crowd were from our home base of Australia.
"From drones to data analytics, from virtual borders to rocket science – we’ve assembled a group of the most exciting technology start-ups working in and around defence today. By bringing these teams together and linking them with start-up experts and industry specialists we will help them rapidly scale up their businesses."
Over the course of the program, the companies will relocate to Techstars Adelaide’s new bespoke workspace on the city’s North Terrace and receive hands-on mentorship from Techstars mentors.
They will also receive guidance and support from corporate partners and global defence sector leaders Boeing, Codan Defence Electronics, SAAB Australia and Thales.
David Cohen, founder and co-chief executive of Techstars commented, "It was a promising experience to launch our first accelerator program in Asia-Pacific in a relatively niche sector. The calibre of the applications we received is a true testament of the immense potential both within the region, but also of start-ups targeting the global defence sector.
"We are excited to have such a great class of founders apply to join the Techstars Adelaide program, and look forward to seeing where these start-ups can go. To date, our program has helped companies raise an average US$3.5 million in venture capital once they’ve completed the program, and we look forward to offering the same opportunities to our top 10 companies for our first program in APAC."
The South Australian government has welcomed the launch of the program, with acting Innovation Minister Susan Close saying the new program will only improve the state's reputation.
"The state government congratulates the first round of participants announced today for Techstars’ Asia-Pacific program," said Minister Close.
"With a focus on commercialising innovative technologies in the defence and security sectors, these start-ups will work closely with global companies such as Boeing, SAAB and Codan, who have existing operations in South Australia."
The 10 companies chosen are:
