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Three SA startups a step closer to international accelerator
Three local startups have been shortlisted for participation in an international acceleration programme.
The three SA startups are competing to be one of ten startups to join international accelerator Startupbootcamp InsurTech next year.
“Aerobotics, Emerge Analytics and NuvaLaw are up against 20 other startups for the opportunity to collaborate with 400+ mentors, partners, and investors over a three month period to build world class products, with the ultimate goal of becoming industry leading companies,” read an excerpt of a statement emailed to Ventureburn.
Startupbootcamp InsurTech received 633 global applications from early stage startups, calling for companies with solutions for the insurance industry. Startupbootcamp InsurTech and Exponential Ventures held a South African “FastTrack” tour on 11 and 13 October.
“We had a great week in South Africa and found a few gems. It is clear that InsurTech in South Africa has matured compared to 2015,” said Sabine VanderLinden, Managing Director for Startupbootcamp InsurTech.
“This year’s FastTrack tour showed that InsurTech is gaining momentum and catching up to the well-established fintech startup space, both from a quality of the value propositions presented and the funding that is becoming available to support it,” says Jaco Oosthuizen, chief exponential officer at Exponential Ventures.
The three SA startups shortlisted for Startupbootcamp InsurTech have a focus on insurance to varying degrees
“We are proud that we have three South African based InsurTech startups in the top 23 after this global selection process (up from one in 2015). We wish all the teams good luck with the intense selection process during the next two days.”
Aerobotics creates and develops drone technology for use in the agriculture, mining and logistical sectors. They’ve developed a drone with software that lets farmers scan their farms, then spitting out analytics. The approach promises to reduce costs and increase yields.
The second startup, Emerge Analytics, uses data analytics and AI to solve “complex” business problems.
Finally, NuvaLaw is a negotiation platform for car insurers. “The product introduces workflow and measurable efficiency to an environment that is currently unstructured, and results in substantial saving in costs,” read an excerpt of the press statement.