The stats behind X-Europe’s third cohort: Artificial Intelligence & Machine Learning
X-Europe is entering a new year with fresh recruits! We are thrilled to share statistics behind our third batch of startups, this time innovating with Artificial Intelligence & Machine Learning technologies.
The third X-Europe open call for startups and scaleups closed on the 27th November 2020, with 121 applications. As with cohort 2, X-Europe has chosen 27 most promising to join our third cohort - Artificial Intelligence & Machine Learning.
AI & ML startups' journey will follow a dynamic learning and development path across 6 months that X-Europe carefully structures for each of its cohorts.
Company and Product Stage
X-Europe had yet another difficult job to uphold to its strict and demanding selection and evaluation process. In the third open call, we’ve seen greater innovativeness and competitiveness coming from more developed startups. This has slightly contributed to the adjustment in the pre-established acceptance balance amongst the maturity stages.
Among the many high quality applicants, we have selected 12 startups with products in the market (44.4%), 9 in the pre-MVP and MVP phase (22.2%), and 6 that are scaling in the market (33.3%). Our startups also vary in the founding year; however, the majority of them are very young companies and were founded in the last 4 years (81%).
Following a similar trend from the first two X-Europe cohorts, the most popular business model among our Cohort 3 selected startups is the B2B Model (70%), while B2C (11%), B2G (11%), and B2C2B (8%) follow behind.
Home sweet home: the location of our startups & scaleups
X-Europe is a Pan-European growth programme that welcomes startups and scaleups from all European Union (EU) and H2020 associated countries. The programme will enjoy a high degree of geographical diversity when it comes to its participants. In total, the 27 participating companies come from 16 different countries, ensuring X-Europe’s wide impact.
The company focus and requested services
Cohort 3 shares interest in AI & ML technologies, however, we are also seeing a dominant presence of our startups in Finance & Banking, Media, and B2B/Enterprise.
To conclude, let’s take a look into the X-Europe services requested by our startups and scaleups. The top four selected services were matchmaking with investors, matchmaking with corporations, one-on-one mentoring, and access to talent. Other services that were chosen and will be delivered by the X-Europe programme were growth hacking training, incubation (at TNW Amsterdam or TechChill Riga), TechChill conference attendance and the pitch competition, acceleration. The partners’ network and expertise will enable X-Europe to provide the spotlight for our startups as well as facilitate the right connections that will foster their future growth.
Take a look at the X-Europe’s startups & scaleups portfolio to learn more about the solutions being developed.
Open Call 4 for Smart Cities & Sustainability is coming up on the 1st of February and we are inviting all startups operating with these technologies to seize this opportunity!