The hardware accelerator has officially launched its program and announced the "Batch 8" participating teams.
The Estonian-origin hardware startup, BuildIt, has officially launched its first program in Latvia, along with the Batch 8 startups participating.
The program consists of three stages;
- The Build up stage - where startups are brought to Latvia and begin to process documents, register, open bank accounts and everything that's involved in getting settled.
- The Build it stage - a six-week intensive building, developing and mentoring period of hard work and growth. This includes prototyping, business model development and validation, marketing and pitch training, and more.
- The Build out stage - startups who have proved themselves are invited to stay for an additional period of time, receive seed funding round lead by Buildit as well as a personalized mentoring program.
The accelerator offers convertible note equity to participants, meaning that the investment is only turned into equity when an additional funding round is secured.
BuildIt was originally launched in Estonia three years ago and has hosted 7 batches of starutps, and has already achieved one exit.
This year's participants include:
- Alternative Plants (Latvia) - biotechnology for sustainable production of plant-derived active substances
- asya (Latvia) - an AI-powered tracking app and wearable neckless that listens to your conversations, analyses tone, and provides feedback for improved communication skills
- ClearBot (Estonia) - A transparent, open source platform for educational robotics
- EHO Technologies (Latvia) - Commercialising smart textiles technology, starting with developing sensor-based textiles to analyse saddle fit for horseback riding
- FertereX (Latvia) - Hardware that increases sperm cell production
- lastbit (India) - Secure devices to store and spend cryptocurrency at any NFC-enabled Point of Sales, regardless of whether or not the merchant accepts payments in cryptocurrency
- Torq Labs (United States) - Smart leggings for professional that analyze and detect injuries before they happen and provide feedback to correct movement to improve health and safety of the wearer
- UniqCube (Latvia) - Print on demand lampshades
- Winmill (Latvia) - Computer vision aided robotic systems that develop and train hockey goalies by shooting pucks that specifically are geared towards developing the player's identified weaker points
The accelerator was launched simultaneously with the location of the accelerator itself - Elizabetes street number 20, where the teams will be spending the next 6 weeks intensively developing their startups.
Buildit is one of the three accelerators who won state-sponsored fund management rights to the amount of 5 million euro each.