Cronos Labs launches second cohort of $100M Web3 accelerator

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Blockchain startup accelerator Cronos Labs has introduced the launch of its second cohort for the Cronos Accelerator Program. The program, backed by a considerable $100 million funding, goals to help early-stage crypto tasks by offering mentorship and funding alternatives. 

According to an announcement despatched to Cointelegraph, Cronos Labs handpicked eight tasks to take part of their accelerator program. Each of the chosen tasks — particularly Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network and CorgiAI — obtained upfront seed funding of $30,000 to start a 12-week program.

The chosen tasks cowl a various vary of areas, together with Web3 sport improvement, decentralized social networking, pet-focused video sharing, sensible contract pockets integration, loyalty platforms for Web3 gaming, change aggregation for institutional buying and selling, liquid marketplaces for yield-earning alternatives and an ecosystem for the peer-to-peer financial system of generative synthetic intelligence.

One of the important thing themes of this second cohort is the intersection of synthetic intelligence (AI) and blockchain know-how. Cronos Labs has partnered with Amazon Web Services (AWS) to supply AI-related workshops and mentorship periods to the collaborating tasks. Additionally, the chosen tasks may have entry to AWS’ sources, together with machine studying and AI companies. CertiK, Hacken and Covalent are among the many noteworthy additions as companions for this cohort.

At the conclusion of the 12-week program, the collaborating tasks will probably be given a platform to current their ideas to funding companions at a Demo Day scheduled for late July 2023. This occasion will give members the chance to safe further seed funding and garner backing from buyers resembling NGC, Fundamental Labs, Spartan Group and Delphi Digital.

Related: Solana integrates AI into blockchain, raises grants fund to $10M

Cronos, the blockchain platform by, launched its $100 million accelerator program in June to help early-stage decentralized finance and Web3 tasks. The program was supported by notable firms, together with Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and DoraHacks.

Despite a protracted crypto winter, there was an increase in blockchain accelerator applications specializing in Web3 improvement. On May 22, The Open Network (TON), a layer-1 blockchain developed by Telegram, unveiled the “TON Accelerator Program,” a fund value $25 million to help tasks inside its ecosystem. The program will present investments starting from $50,000 to $250,000 per undertaking, together with useful partnerships and mentorship from TON’s staff.

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