Six Finalists in the Programme Received Intensive Training and Mentoring in Commercial Strategy Development
Altada Technology Solutions (“Altada”), a global artificial intelligence (AI) platform that enhances automation and data-driven decision making, and Tangent, Trinity College Dublin’s Ideas Workspace, have announced the winner of the 2021 Alsessor AI Programme competition – Empeal. A SaaS health risk and productivity platform designed for workplaces and health care practitioners, Empeal received an award of €250,000 to further support the growth of its technological capabilities and business operations.
Alsessor AI was launched in November 2020 by Altada and Tangent, with a mission to support other AI entrepreneurs in the start-up stage. Following five months of intensive training and mentoring in commercial strategy development of the different start-ups involved, the inaugural competition of the Alsessor AI Accelerator Programme has now reached its conclusion.
“It is critical that we help guide and support the next generation of technology innovators in building their AI capabilities in a way that, not only offers solutions that are applicable to real-life, but that have a positive real-world impact,” said Altada CEO and co-founder Allan Beechinor. “In addition to receiving resources and training, the technology sector has the responsibility to encourage AI applications that adhere to the highest ethical standards. We are thrilled to support young AI companies on their journey and congratulate Empeal on their achievement.”
Ken Finnegan, Tangent’s CEO said:
“The value of this pioneering accelerator is enormous. AI is undoubtedly transforming life and business as we know it, pushing boundaries and redefining what’s possible in today’s complex world. Thanks to this initiative, the selected teams have had access to vital resources, from first class academic thought leadership to funding opportunities and leading industry expertise. My sincerest congratulations to Empeal on the announcement of their win.”
The “bootcamp” style experience drew approximately 30 applicants with early-stage AI companies at prototype or proof of concept phase in various sectors, including retail, digital health, fintech, insurtech, regulatory, and compliance. Applicants pitched their business concepts to a panel of expert judges, the field was narrowed to 10 companies in phase 1, and six finalists were chosen in January 2021. The finalists took part in rigorous workshops where they had exposure to domain expertise, mentorship, and masterclasses aimed to expedite the companies’ commercial development.
Sohini De, founder of Empeal, added:
“Alsessor has been an amazing experience for us. We think it is the best possible AI accelerator. It is very intense but that means it helps you not only get product and customer ready but also gives you practical experience that the participating companies need at their current stages. This worked well for us. We got the right practical support at the right time.
“Empeal is at a stage now where we are 100 percent focussed on scaling and execution with very big projects at hand. Just from our existing pipeline’s probability adjusted potential, we arrive at a serviceable obtainable market of €52.5mn! We will be spending the money to bring our AI development to the next level with scaling, security, automation and big data analytics in mind. We will make few key hires especially in AI, customer success and operations, who will help us execute on our growth plans. We are also going for patent protection for our proprietary technology PARE (a Prescriptive AI Recommender Engine), ISO and other regulatory certifications. Because Empeal’s customisable platform supports multiple therapeutic areas, we want to make sure Empeal platform is fully compliant, so some of the funding will go towards those expenses as well.”
At the conclusion of the program, the six finalists presented demos of how their technology works to a panel of judges, potential investors and venture capitalists, who chose to fund Empeal. The other finalists were:
- Voala, an augmented reality (“AR”) solution for online jewellery retailers to allow shoppers to virtually “try on” items
- RafiQ, an Arabic virtual assistant for Android users
- Pepp1, a consolidated digital wallet for global pensions
- XRConcepts, an athletic training solution which provides immediate feedback to golfers
- Field of Vision, an assistive technology for the visually impaired to enjoy a sensory-immersive sports-watching experience
Alsessor AI is now accepting applications for its 2022 incubator program. The program begins in January of every year and lasts five months. Companies can request an application by filling out the form at https://alsessorai.com.
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.
