Techstars Mobility Grows; Adds Four New Corporate Sponsors, And New Startup Residency
InMotion, the company that owns both Jaguar and Landrover have joined the Techstars Mobility accelerator as corporate sponsors. That wasn’t the only announcement the biggest automotive accelerator in the country made this week. In addition to InMotion, Bosch, and AAA joined forces with existing corporate sponsors; Ford Motor Company, Verizon, Dana, Honda, Munich Re and Michelin.
This is the third year for Techstars Mobility program, and the results so far have been outstanding. “Over the last 18 months, we have invested in 22 companies from around the world, including the United States, Canada, and Chile. Those companies have raised over $20M and are valued at $100M.” Techstars Mobility Accelerator’s Managing Director Ted Serbinski said on their blog.
The program, one of many vertical programs that Techstars has deployed worldwide, has significantly helped the Michigan startup ecosystem and the local economy. The Michigan Venture Capital Association’s 2017 Research Report has said that there are 141 venture backed startup in Michigan, an increase of over 50% in the last five years. Techstars attracts startups from across the world to each of their programs. Automotive startups have applied to Techstars Mobility in droves. One of the key benefits to Michigan is when startups launch in the state and decide to relocate there entirely.
Two startups from Techstars Mobility 2015’s class, Lunar and SPLT, decided to relocate to Detroit permanently.
Techstars Mobility also announced that Mighty AI would be moving their offices to the accelerator.
“Mighty AI is transforming the future of AI, offering Training Data as a Service for autonomous driving. Having raised nearly $30M from investors, including Foundry Group, Intel Capital, and others, Mighty AI sees the importance of being tied into the Detroit entrepreneurial community. Not only will they work closely with customers across Michigan, they will also actively mentor the incoming 2017 class. Mighty AI joins Oblong and Mapbox who both opened offices in Detroit out of the Techstars Mobility Accelerator office.” Serbinski said.
Techstars will announced the 2017 class for Techstars Mobility on July 17th. Their session will end October 18th with a two day Demo Day in Detroit.