Carsome announces 5 finalists from first auto ecosystem-focused accelerator in ASEAN
By Digital News Asia December 2, 2022
- Each to get US$25k investment from final pilot round
- Carsome hopes to find partner able to deliver cutting-edge innovation
And then there were five. From an initial list of 40 entries, Kuala Lumpur based Sunway Innovation Labs (iLabs) and Carsome have announced that five startups have been shortlisted for the final pilot round of the Carsome Mobility Lab Accelerator Program that they jointly launched.
Each startup presented its pilot project before Carsome and Sunway's management team, venture capitalist, angel investors, and industry leaders at McLaren Kuala Lumpur during the Carsome Mobility Lab Demo Day on November 30.
The five startups and their ideas are Asia Mobility Tech with smart mobility solutions, Carmen Automotive (SG) with vehicle data analytics solutions, Moovbay with P2P car-sharing marketplace, MyBumb Media with leasing crowd advertising platform, and SpareXhub with genuine car spare parts marketplace.
“We look forward to continuously supporting these startups alongside Carsome, who have been a very engaging partner in strengthening the talent pool and accelerating innovation in our ecosystem,” said Sunway Group Chief Innovation Officer and Subway iLabs Director, Matt van Leeuwen.
In addition to the potential commercialisation of successful pilots, startups at the end of their respective pilot projects stand to receive an investment of up to US$25,000 (RM110,000) from Carsome Mobility Lab.
“We are honoured to play an integral part of the accelerator program and provide guidance to up-and-rising startups. Through this program, we hope to find a partner capable of delivering cutting-edge innovation to strengthen our ecosystem and offerings as we continue to deliver an elevated car ownership experience to our customers,” said Carsome co-founder and group CEO Eric Cheng.
The 4-month program is touted as the first auto ecosystem-focused accelerator in ASEAN and aims to support rising startups in their innovation, funding, and scaling journey.
Throughout the program, startups were given access to a range of assistance and expertise including:
- Mentorship and hands-on workshops organised by entrepreneurs and industry experts in collaboration with relevant Carsome and Sunway business units.
- Tapping into Carsome and Sunway’s funding network of angel investors and venture capital firms.
- Up to US$100,000 (RM440,000) per startup in AWS Activate credits ranging from tech support, and workshops, to events access from AWS.
- Up to US$150,000 (RM661,000) per startup in Microsoft Azure credits, mentorship and technical guidance as part of Microsoft for Startups Founders Hub.
- Leverage Carsome’s digital expertise and gain insight into collaborations.
- Test and validate solutions in Carsome and Sunway’s thriving ecosystem.
- Access to technology talents from Sunway University and 42KL.
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