The Commonwealth Financial institution’s venture-scaling arm, x15ventures, is searching for startups reimagining the client and worker expertise with knowledge and Synthetic Intelligence (AI) for its annual Xccelerate program, which helps early-stage founders discover pathways to partnership with the Financial institution. Functions for Xccelerate open as we speak, Wednesday 10 July, 2024, and shut Tuesday 20 August, 2024, with x15 aiming to speculate $250,000 into the startup with the strongest partnership potential.
Asserting the theme of this yr’s program, ‘Reimagining the client and worker expertise with knowledge and AI’, Dr Andrew McMullan, Chief Knowledge and Analytics Officer, CommBank, stated, “AI and knowledge are and can proceed to be key enablers of CommBank’s technique to construct tomorrow’s financial institution as we speak. With the tempo of latest developments in GenAI, it’s onerous to think about a future wherein we will ship the most effective buyer and worker experiences with out them.
“Whereas CommBank is already recognised as a frontrunner in AI maturity, it’s nonetheless early days and we all know the largest alternatives for innovation lie forward of us. For instance, utilizing knowledge and AI to extend safety towards fraud and scams, simplify operational processes and enhance assist for frontline workers.”
Laura Faulconer, Portfolio Director, x15ventures, stated, “We need to hear from early-stage founders that see strategic partnership with a company, like CommBank, as a path to scaling their enterprise. With over 600 early-stage AI and knowledge startups in Australia, we’re hoping this yr’s program – our sixth since launching x15 in 2020 – would be the greatest but.”
Final yr’s Xccelerate attracted curiosity from over 70 groups, with agtech integrator Pairtree Intelligence not solely securing the $250,000 funding, but additionally signing a strategic partnership to assist CommBank develop services and products for the agricultural sector. Automotive retail platform supplier Vyro has additionally leveraged connections it cast by Xccelerate23 to safe a partnership with CommBank and digital auto market, carsales.
Program standards
To be eligible for this yr’s Xccelerate, candidates must be pre-Collection A, integrated in Australia, in addition to aligned with this system theme and CommBank’s AI Rules, which apply to all AI methods designed, developed, deployed, or utilized by the Financial institution.
x15 is especially to obtain purposes from startups which are:
- Serving to companies ship attention-grabbing worth propositions that leverage GenAI, and/or create novel experiences solely attainable by knowledge, both distinctive knowledge or giant volumes of knowledge.
- Safeguarding clients and companies from the rising danger of subtle threats.
- Bettering buyer or worker experiences and engagement.
- Decreasing complexity to boost productiveness, together with in engineering, compliance, and danger.
Candidates would require a minimal viable product that may be demoed to the x15 Funding workforce, with both the technical capabilities to develop their product in-house, or a transparent understanding of how it will be constructed utilizing exterior suppliers. The complete record of entry necessities could be discovered on the Xccelerate web site.
Program overview
Between 15 and 20 of the strongest candidates might be chosen to attend the Xccelerate Neighborhood Day in Sydney on Monday 16 September, 2024, for a full day of panels, mentoring, and networking to assist contributors higher perceive what a company partnership with a financial institution may entail, and to speed up the expansion of their companies.
The 5 most promising groups will then return for the Partnership Pathway Day on 1 October, the place they are going to delve deeper into the totally different types of strategic partnership with a company and obtain hands-on assist from technical and area consultants to assist them develop a pilot partnership pitch.
On 30 October,2024, finalists will current their partnership pilot alternatives on to executives and key choice makers from CommBank and x15. On the finish of this system, x15 goals to speculate $250,000 through SAFE Word into at the least one enterprise, which may even obtain ongoing assist from x15 to assist unlock the pathway to partnership.
Previous Xccelerate alumni embrace provider sustainability tracker, givvable (2020), rent-to-buy startup, OwnHome (2020), retail discovery community, Splashup (2021), monetary workflow administration firm, Paytron (2022) which has since been acquired by ASX-listed OFX, and agtech integrator, Pairtree Intelligence (2023).
For extra data, please go to http://www.x15ventures.com.au/xccelerate.
