St. Pete’s iDealMachine accelerator seeks out start-ups
6 Dec '11
St. Petersburg’s new iDealMachine start-up accelerator has been collecting applications from project teams since Dec. 2; those selected will start working in the accelerator in the spring of 2012, portal Venture Business News reports.
The new accelerator will reportedly provide a total of $6m worth of VC financing.
Each project team is purportedly eligible for a seed investment of about $15k and a whole set of services that help a company survive.
At the moment, workplaces for 10-15 project teams are said to have been fully equipped.
The iDealMachine accelerator will focus on robotics, applied mechanics, optics, smart systems including artificial intelligence, processing of sizable data, ‘cloud’ computing, and other hi-tech IT projects.
Under plans, after four months of work at iDealMachine the first group of teams will be able to seek later-stage financing next summer by presenting their start-up projects to large companies and VC funds.
iDealMachine is a joint program of Russia’s National Research University for IT, Mechanics and Optics (ITMO) and the U.S.’ RSV Venture Partners; it is located at ITMO’s St. Pete-based educational, scientific and innovation center.