Telefónica’s open innovation hub and the global accelerator will focus on start-ups in areas such as AI, cyber-security, machine learning, IoT and edge computing.
Wayra Spain, Telefónica’s open innovation hub, and TheVentureCity, a global accelerator of tech ecosystems based in Madrid and Miami, have jointly signed a deal to invest in “deep tech” start-ups.
They will focus on start-ups specialising in areas such as artificial intelligence (AI), machine learning, Internet of Things (IoT), video, cyber-security and edge computing.
Both organisations will co-invest up to 250k€ for each start-up selected. They are also committing to going beyond investment and organising events and activities to promote deal-flow, drive growth and business development for companies that are already in their investment portfolios, and overall, strengthen the entrepreneur ecosystem in Spain.
Wayra operates through 11 hubs in 10 different countries: Argentina, Brazil, Chile, Colombia, Germany, Mexico, Peru, Spain, UK and Venezuela. More than 500 of the start-ups that participated in Telefónica’s Open Innovation programme are still active and more than 100 companies are doing business with the company.
“This deal brings to light the intention of Wayra to promote the deal-flow and co-investment in mature start-ups with a clear business plan and with a technological activity that matches the strategic projects of Telefónica” says Paloma Castellano, director of Wayra Madrid.
The different elements of the “City” include the Town Hall, which builds strong relationships with governments, institutions and businesses
TheVentureCity has a new venture and acceleration model that helps different founders around the world to generate impact. The different elements of the “City” include the Town Hall, which builds strong relationships with governments, institutions and businesses, the Laboratory, focused on product management, the Library, which harnesses data and which is at the core of everything the accelerator does, and the Airport, which explores the “how, when and where”, key to going international.
“The companies in which we invest jointly with Wayra will be part of our Global Growth Programme for six months and we will work on how to increase the company’s growth with our basic three pieces for a technology company: product, engineering and data,” says Andrés Dancausa, vice Growth Accelerator EMEA at TheVentureCity.
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