The New York-based urban tech startup accelerator has announced seven more companies to which it will give financing and consultation in the hope that investors, come April 2020, will like what they see.
Among the seventh and latest cohort of companies chosen by URBAN-X, a startup accelerator in New York that focuses on tech-driven answers to urban problems, are proposed tools for food safety, EV charging, drone logistics, construction improvement, sewer assessment, air quality and building finance.
The seven early-stage startups announced last week in a news release will participate in a 20-week program in which URBAN-X will give them each up to $150,000, plus hands-on assistance in developing their products. This will entail input from designers and engineers from BMW, as well as from software developers, policy experts and marketing consultants. In April 2020, each startup will be asked to present their work to an audience of investors, policymakers and potential customers at a “Demo Day,” then attend events with investors in New York and the Bay Area.
At least four of the startups in Cohort 07 are courting the public sector:
The other three participants include CoInspect, which makes software and digital checklists for businesses to ensure best food safety practices; Firmus, which uses A.I. and software to help construction companies solve design issues; and UsurpPower, which helps small and medium-sized businesses find the right lenders and financiers for clean-energy projects.
Since its founding in 2016 by MINI, an independent brand of BMW Group, URBAN-X has gradually added time and money to its program. The first two cohorts received $60,000 per company for a 14-week program, and the next three cohorts got $100,000 per company for 20 weeks, the same year investment firm Urban.Us became a partner. Participants in Cohort 06 were the first to receive up to $150,000 apiece.
Cohort 07 brings the number of participating companies listed on URBAN-X’s website to 52.