Hassan Maishera
Cronos Labs, a blockchain startup accelerator focusing on boosting DeFi, GameFi and the development of the Cronos ecosystem, announced on Tuesday, January 16th, that it has launched the third cohort of its flagship, US$100M-backed Cronos Accelerator Program.
The program was first launched in 2022 and it targets the most promising early-stage crypto projects building on Cronos, providing them with networking, mentorship and funding opportunities.
In a press release shared with Cryptowisser, Cronos Labs said it aims to encourage innovation and drive more rapid growth within the Cronos ecosystem and the wider Web3 industry.
The Cronos Accelerator Program is gaining widespread popularity, with the Third Cohort seeing a 57% increase in applications in comparison to its prior cohort.
Cronos Labs reduced the list to five extremely ambitious projects that have been selected to participate in the next iteration of its accelerator program. The five projects, which were chosen based on the innovative nature of their technology and the strength of their teams, are set to receive $30,000 each in upfront seed funding as they kick off the twelve-week program on 22nd January 2024.
The five projects are:
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LILLIUS - Gamified Sports Training Developed Through AI.
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Innerworks - AI & ZK for Digital Footprints.
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Reax - Decentralized synthetic assets protocol.
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Securd - Liquidity-backed Lending.
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Newwit - AI-powered Predict-to-Earn GameFi.
Promoting AI-enabled Innovation
Cronos Labs said the third cohort of this program focuses on the the intersection of artificial intelligence and blockchain and how these powerful technologies can be combined to accelerate Web3 adoption.
The selected projects with work with Cronos Labs and will be provided with a curriculum centered around large language models. AWS and Google Cloud are also participating in the program, offering cloud credits, AI workshops and mentorship, the team added.
Furthermore, the projects are also set to benefit from direct access to 50+ partners and 100+ mentors within the Cronos ecosystem, including experts and workshops from Protocol Labs, GSR, Certik, Dora Hacks, Hacken and more.
The projects will also have access to ongoing support in tech, marketing, partnerships, product development, and investment throughout the program.
While commenting on this latest development, Ken Timsit, Head of Cronos Labs, said:
“The overwhelming response we've had to the third cohort of the Cronos Accelerator Program is a testament to the growing confidence and enthusiasm that Web3 is where the future lies. With such a significant increase in the number of applicants for the program, it's clear that developers from all backgrounds are more enthusiastic than ever about building newer, more advanced use cases for Web3 applications. The program will pave the way for the next generation of innovators in the Cronos ecosystem, helping to bring Web3 into the mainstream where it belongs."
Charlotte Kapoor, Head of Innovation Programs at Cronos Labs, added:
"The third cohort of the Cronos Accelerator Program sits at the forefront of two of the most exciting technology trends of our times -- generative AI and blockchain -- and will accelerate their integration to deliver cutting-edge solutions for consumers and businesses alike. The intersection of generative AI and blockchain will lead to transformative new applications, and the program will empower the chosen startups with the funding, resources, tools and connections needed to energize growth within the Cronos ecosystem."
Once the Cronos Accelerator Program is concluded, the shortlisted projects will participate in a Demo Day In the second week of April 2024, where they will showcase their projects.
The Demo Day will provide the projects with an opportunity to pitch their ideas to the program's key investment partners and secure further seed funding. Investors and mentors include NGC, Fundamental Labs, Republic, Animoca and Delphi Digital.
Cronos is a leading Ethereum-compatible layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com and more than 500 app developers and partners. The Cronos ecosystem is supported by Cronos Labs, the start-up accelerator of the Cronos chain.
