Australian tech accelerator BlueChilli will use AI and machine-learning to identify 240 new global startups to invest in over the next three years.
The Sydney-based accelerator has just announced a partnership with data-driven venture firm Hatcher+, which launched its first fund in Singapore in 2015.
Together, the two will invest $125 million and provide $US200K follow-on funding to each startup when they raise capital after completing the program.
Hatcher+ has a network spanning 168 countries, and uses AI to help accelerators identify startup investments as early as possible.
BlueChilli gives startups at the idea stage with access to a specialist team who help build their product and work on pilots.
In return for assistance over two 12-week periods, and a cash investment, BlueChilli receives a 15% equity stake.
BlueChilli calls it the “venture builder model”.
BlueChilli CEO Sebastien Eckersley-Maslin said it addresses the fact that more then 90% of the Australian population “don’t code” and ensures founders with great ideas don’t miss out on the chance to build viable tech startups that can make a genuine impact.
Eckersley-Maslin said the BlueChilli team was “over the moon” with the Hatcher+ partnership.
“We can finally work with our startups in a way that puts the founders first, and we’ve already seen their speed to market double,” he said. “We’ve been refining our model for six years and this is a breakthrough we’ve all been waiting for.”
BlueChilli has invested in 113 startups since launching in 2011, and has achieved three exits and one IPO. Eckersley-Maslin said the partnership with Hatcher+ will see it begin its global search for 240 more startups “in the coming months”.