Krypto Labs contest shortlist has 3 firms

Accelerator to give incubation package of $250,000 funding and mentoring support to winning start up

Krypto Labs, a UAE-based incubator, accelerator and co-working space for start-ups and entrepreneurs, will mark the official opening of its building in Masdar City, Abu Dhabi on October 22, it said in a statement on Thursday.

It will inaugurate its new building by announcing the winner of its global start up competition, the statement added.

The opening event tomorrow will see three shortlisted start-ups pitch their business ideas to a distinguished panel of judges. The winner will receive a $250,000 (Dh917,500) incubation package of funding and mentoring support.

Krypto Labs launched the competition last August and received over 2,000 applications from entrepreneurs and start-ups representing 75 countries.

Applications were received from Silicon Valley in California, India, China, and from business universities such as MIT, INSEAD and LBS.

The three shortlisted companies are: ModelMe3D — a modelling platform allowing users to click on buildings, surfaces and markers to learn more about their surroundings; The Difference — the maker of heelless athletic shoes; and ToonYou.com — the creator of animation series for children that families can customise with their own pictures.

Milestone

Saleh Al Hashemi, Managing Director at Krypto Labs, said: “Krypto Labs is bringing the best minds and the most innovative ideas from around the world to a unique space so they can collaborate, thrive and grow. Our mission is to turn ground breaking concepts into scalable companies. This is another milestone for Abu Dhabi and the UAE on its path to lead the world in driving forward innovation and new thinking.”

On the start-up competition, he added: “We have had a fantastic response from entrepreneurs and start-ups from all over the world. It has been inspiring to see the creativity, imagination and technological acumen that is behind these transformational ideas. It is also a great testimonial for Krypto Labs that these start-ups want to come to Abu Dhabi to be part of this special ecosystem. We are proud to be taking a leading role in bringing further technological advancements and supporting the global start-up economy form our base in Abu Dhabi.”

According to the statement, the facility is designed and purpose built to facilitate disruptive thinking.

It adds that Krypto Labs will look to support start-ups linked to any industry anywhere in the world, and will also incubate companies virtually. The incubator will accept applications for funding of companies in various stages of development, in return for a negotiated investment in the projects.

Managing Director at Krypto Labs