SAN FRANCISCO, Oct. 10, 2017 /CNW/ -- Microsoft Ventures, in
collaboration with Madrona Venture Group, Notion Capital and Vertex
Ventures Israel, on Tuesday announced a global competition,
Innovate.AI, aimed at uncovering emerging startups working to
progress the future of artificial intelligence. In total, Microsoft
Ventures and its partners will award $3.5M in venture funding and $2M in Azure credits.
Beginning today, startups harnessing AI for intelligent apps,
services or platforms are encouraged to submit entries via the
Microsoft Ventures website to compete for a chance at one of four
prizes. One million dollars in
venture funding and $500K in Azure
credits will be awarded to one startup per region — North America, Europe and Israel — with a fourth prize for the applicant
that best leverages AI to better society. The AI for Good prize
consists of $500K in funding from
Microsoft Ventures and $500K in Azure
credits.
"At Microsoft, the future is rooted in the advancement of AI
technologies," said Nagraj Kashyap,
corporate vice president, global head of Microsoft Ventures. "We're
excited to launch this competition with a strong group of venture
capitalists that recognizes the importance of leveraging these
technologies to amplify human ingenuity and power innovation in AI
forward."
Making AI more accessible and valuable to everyone all over the
world is one of Microsoft's core principles. By focusing on
companies that are moving the needle on AI, Microsoft Ventures is
helping bring to life AI's transformative potential — maximizing
efficiency, keeping us secure and helping to solve some of
society's biggest challenges. Partnering with companies that share
these same commitments is a big step forward in accelerating
innovation in AI and spurring growth in the design and development
of future intelligent applications.
"Startups are already able to create significant businesses
based on AI at the platform and application levels," said S.
Somasegar, managing director, Madrona Venture Group. "Now that they
are leveraging emerging AI platforms, opportunities are increasing
to create not only a great business, but one that has a strong
and positive impact on society. As partners with our companies, we
work every day to foster the kind of innovation that will change
lives, and we are excited to work with Microsoft Ventures to
identify passionate founders and teams that will build the next
generation of intelligent applications."
Submissions will be accepted from Oct. 10
to Dec. 31, 2017, and open across three regions:
Europe (EU), Israel, and North
America (Canada,
Mexico and U.S.). Companies will
be eligible to apply if they have raised less than $4M in combined equity funding and/or loans at
day of application, and must introduce a product, service or
platform that utilizes or intends to utilize AI techniques, as
defined by relevant scientific research.
"Businesses have always had to fight for their lives in a
competitive environment, but in today's world, the pressures are
greater than ever. AI is impacting every industry at extraordinary
speed," said Chrysanthos Chrysanthou, partner at Notion Capital.
"Through this partnership with Microsoft Ventures, we are
excited to meet entrepreneurs who are harnessing AI to
redefine entire industries on a massive scale."
Up to 10 finalists will qualify from each region for a chance to
pitch their innovation in person as each vies for a chance to win
their region's $1M-plus prize.
Winning startups may also benefit from competition exposure and
potential future funding from regional VC partners. Full guidelines
and contest information can be found on the Microsoft Ventures
application page.
"We believe that AI has the power to transform and disrupt every
aspect of our life," said Emanuel Timor, general partner with
Vertex Ventures Israel. "We see great opportunities for
entrepreneurs to create new products, provide unique AI innovations
and become market leaders. Vertex Ventures Israel looks forward to
working together with Microsoft Ventures in supporting the AI
ecosystem and the exceptionally talented teams in Israel and abroad."
About Madrona Venture Group
Madrona (www.madrona.com) has been investing in early-stage
technology companies in the Pacific Northwest since 1995 and has
been privileged to play a role in some of the region's most
successful technology ventures. The firm invests predominately in
seed and Series A rounds across the information technology
spectrum. Madrona manages more than $1.3 billion and was an early investor in
companies such as Amazon.com, Apptio, Rover.com, and
Redfin.
About Notion Capital
Notion invests in the enterprise tech of the future, in the
teams and companies that have what it takes to solve the biggest
problems facing the business world, transforming entire industries
in the process. The Notion team founded, built and exited two
highly successful SaaS businesses — Star and MessageLabs and
invests exclusively in enterprise tech and SaaS with the ambition
to build category leaders. The Notion portfolio includes
Brightpearl, Dealflo, GoCardless, MOVE Guides, NewVoiceMedia,
Currencycloud, Tradeshift, Triptease and Workable. For more
information visit: www.notioncapital.com
About Vertex Ventures Israel
Vertex Ventures is a leading global venture capital group
supporting entrepreneurs to transform their innovative ideas into
world-class businesses. With cumulative committed capital in excess
of $2.5 billion, Vertex invests in
early-stage IT and healthcare opportunities in Silicon Valley,
China, India, Israel, and South
East Asia. Since 1988, Vertex is honored to have partnered
with the founders of global leaders such as Waze, 91, Grab, IGG,
CyberArk, Reebonz, SolarEdge, Force10, FirstCry, Yatra and Changba.
Vertex Ventures Israel is one of the pillars of the Vertex Group's
network of Funds focusing on early stage opportunities in the
Information Technology sector in Israel. Learn more here.
About Microsoft Ventures
Microsoft Ventures is the corporate venture arm of Microsoft
(Nasdaq "MSFT" @microsoft), the leading platform and productivity
company for the mobile-first, cloud-first world. Microsoft Ventures
partners with visionary entrepreneurs looking to drive digital
transformation. As part of its promise to
portfolio companies, Microsoft Ventures offers unrivaled
access to go-to-market resources and strategic relationships
globally. Microsoft Ventures currently operates in
London, New York, San
Francisco, Seattle and Tel
Aviv. Learn more here.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) is the leading platform and
productivity company for the mobile-first, cloud-first world, and
its mission is to empower every person and every organization on
the planet to achieve more.
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SOURCE Microsoft Corp.