Cdp Venture Capital kicks off the new strategy outlined with the 2024-2028 Industrial Plan “Shaping future” which sees Artificial Intelligence as the protagonist with 1 billion euros of dedicated resources and announces the launch of theFrontech accelerator, focused on the growth of startups that develop innovative digital solutions in the field AI, web 3.0, metaverse.
The program was created with a total budget of 7 million euro, intended for initial investment tickets and subsequent post-acceleration follow-ons, of which 5,6 million allocated by the Cdp Venture Capital Accelerator Fund and the remainder by co-investors Gellify e Cariplo Factory, who will operationally manage the program. The accelerator also benefits from the contribution of the institutional partner Fondazione Sardegna, its innovation hub Innois, as well as the technical partners Algorand and Microsoft – through its AI Lab program, created to promote the responsible adoption of generative AI by companies - and corporate partners Bper, Banco di Sardegna and Fpz.
AI, what is Frontech
Frontech is an integral part of the national accelerator network that Cdp Venture Capital is developing throughout the country, focusing on the sectors with the greatest growth potential and which today has 19 operational hubs in Italy to support skills and entrepreneurship in innovation. The areas of intervention of Frontech range within the category of so-called "frontier" technologies, i.e. enabling technologies for digital transformation, with applications such as digital identity, blockchain, intellectual property authentication, generative AI models, gaming, Ar/Vr (Augmented reality/Virtual reality), digital art, new publishing, in which investments are being concentrated more on a global level.
“The AI sector and in particular generative AI represents one of the major transformative technologies of the coming decades, comparable to the advent of the Internet and the cloud. The impact will be able to transform entire markets through the development of new products and services enabled by the creation of "intelligent agents", he comments Agostino Scornajenchi, CEO and general director of Cdp Venture Capital, “Italy can, and must, play a decisive role in this match, recovering competitiveness and supporting its talents. The commitment of Cdp Venture Capital, which is part of the national strategy on artificial intelligence, is to select and grow the best entrepreneurial realities by investing and leveraging its ability to catalyze investments from other private entities, as in the case of Frontech accelerator.
“The project confirms the commitment of the Sardinia Foundation in the field of innovation, both in terms of investments and potential impacts on the territory. The frontier technologies on which the Frontech accelerator focuses will have an ever-increasing impact on people's way of living and working and the skills and talents present in Sardinia will make their contribution to this new digital revolution.”, he declares James Spissu, president of the Sardinia Foundation, “Furthermore, with this initiative our collaboration with Cdp Venture Capital is further strengthened: a now consolidated partnership which has proven over time to be an effective lever towards lasting and sustainable progress and which confirms Sardinia as territory oriented towards innovation”.
“Frontier technologies are radically transforming our economic and social landscape, promoting a new era of transformation – he declares Michele Giordani, chief of strategy, client & ecosystem of Gellify – As a co-investor in the project, Gellify is committed to a mission that it has embraced for some time: making these technologies accessible and integrated into the Italian industrial fabric, supporting companies in their adoption and implementation of cutting-edge solutions. This is the path towards greater Italian competitiveness in the global market."
“We are very proud to contribute to this new accelerator of the CDP Venture Capital national network dedicated to the so-called “frontier technologies” which, more than any other innovation, are impacting all production sectors in a transversal way”, he adds Carlo Mango, managing director of Cariplo Factory, “Digital transformation is in Cariplo Factory's DNA, just like its vocation for ecosystem initiatives: I am convinced that the business projects that we will grow in the coming years will bring technologies capable of generating value for the economy of our country.” 10 startups in the seed and early stage phase will be selected every year for 3 years who will have access to an initial investment ticket of 120 thousand euros and a 6-month path aimed at accompanying creators, developers and founders in the construction of the infrastructure technological and commercial of their solutions dedicated to web 3.0, metaverse and generative AI.
During the acceleration phase, the selected startups will focus on strengthening their business proposition through Interactive sessions focused on 4 key areas: vertical technology workshop, product development & service design, business development, fundraising, up to the implementation of a Poc (proof-of-concept) with Frontech's partner companies which will be presented at the final demo day.
The Frontech accelerator will have based in Sardinia, with reference base a Cagliari in the spaces of Opificio Innova, inside the former Manifattura Tabacchi, and provides a hybrid mode of use by accelerated startups. The call for the selection of the first 10 startups is open from today until May 19th on the website www.frontechaccelerator.it. The selection is open to Italian and international startups that intend to open a registered office in Italy.
