After 268 applications were received in six weeks, 10 startups were finally selected to be part of the ATI Boeing Accelerator. These include Authentise, a firm developing one of the first MES systems to take into consideration end-to-end additive manufacturing workflows. The program was created in partnership with the Aerospace Technology Institute and Boeing, alongside Ignite, a leading European accelerator. GKN Aerospace is the corporate sponsor.
The selected startups will each receive £100K investment from Boeing HorizonX Ventures, first-hand access to ATI, Boeing and GKN Aerospace strategists and technical experts, and many other perks to help them run and grow their businesses Companies in the cohort will also have the opportunity of paid Proof of Concepts with Boeing and GKN Aerospace.
“We were overwhelmed with the interest from startups in this program which is a strong indication of how much the aerospace sector is in need of a change,” commented Gabi Matic, Programme Director at ATI Boeing Accelerator. “We’re also very happy with the final 10 companies and think we have a very strong cohort on our hands. Not only these are companies who will bring a fresh perspective to a traditional industry, but this group is also diverse, with 33% of founders being female.”
Authentise delivers data-driven process automation software (workflow management engine, a platform of manufacturing-related software modules) for additive manufacturing industries. All 10 selected startups are developing solutions in Blockchain for Supply Chain; Additive & Materials; Supply Chain; Workforce Productivity & Training; MRO; Design Tools; and Digital/Connected Factory.
The 10 selected startups emerged after a two-day interview session held in London to which 30 startups were invited to attend and present. Half of the cohort have raised £100K-£1M; while 20 percent raised £1M-£3M, and 30 percent were bootstrapped (£0-100K). 30 percent of the startups on the inaugural program are female-founded.
They will now have the option to receive a £100,000 equity investment from Boeing HorizonX Ventures, first-hand access to ATI, Boeing and GKN Aerospace strategists and technical experts. The programme also provides startups in the cohort with a list of perks and benefits to help them run and grow their companies. Companies in the cohort will also have the opportunity of paid proof of concepts (POCs) with Boeing and GKN Aerospace.
During the first week of the program, the founders will meet investors, sponsors, aerospace experts and startup mentors. This will give them the opportunity to start building relationships and challenge any element of the business that they need to work on during the program. The second week will give them insight into Boeing, including its supply chain, and help prepare for the commercial opportunities ahead. The rest of the program structure overall is tailored to the founder’s stage, needs and skill gaps with content and introductions to support their businesses and teams over the 12 weeks.
In April, the startups will celebrate the end of the program with a demo day, where they will pitch their businesses to customers, key industry stakeholders and investors to achieve commercial and equity outcomes. The ATI Boeing Accelerator will run two cohorts a year, each of them made up of 8-15 startups.