Boeing and Aerospace Technology Institute Open Second Cohort of Startup Accelerator
- The inaugural cohort have gone on to secure a further £6M in funding, created 30 new jobs
- Applications now being accepted for sustainability-enabling startups
LONDON, September 1, 2020 - Boeing [NYSE: BA] and the Aerospace Technology Institute (ATI) have launched the second cohort of a programme intended to support the growth of startups in the UK aerospace industry.
This cohort will mirror the first, which launched in January 2020 with 10 startups participating in a three-month programme in London, where they received investment and mentoring from a global network of experienced entrepreneurs, mentors and investors through Boeing, the ATI and GKN Aerospace, the accelerator’s inaugural corporate sponsor.
“Our global accelerator programs are designed to help early stage startups establish relationships with global aerospace companies, raise follow-on funding from the investment community and engage with industry experts to solve problems that the aerospace industry is facing,” said Brian Schettler, senior managing director of HorizonX Ventures. “We’re thrilled to be involved in this program again and are excited to see how the accelerator builds on the companies’ existing capabilities and their ability to impact aerospace with their innovation.”
Companies in the inaugural cohort received a £100,000 equity investment from Boeing HorizonX Global Ventures. They have since secured a further £6 million in funding from a broad group of investors and created 30 new roles.
“This second round of the ATI Boeing Accelerator shows our continued strong commitment to the UK and recognition of the world-class innovation ecosystem that exists here,” said Sir Martin Donnelly, president of Boeing Europe and managing director of Boeing in the UK and Ireland. “We were thoroughly impressed with the first group of startups we worked with, so we are particularly excited about the companies we’ll partner with this time, especially working within areas that could not be more relevant to aviation today.”
This cohort will focus on sustainability-enabling technologies relevant to aerospace and connected industries. The focus areas are: Industry 4.0 (reducing time to market and materials and manufacturing), Lifecycle and Resilience (a sustainable life cycle and operational resilience) and Energy (battery fuel systems and energy management).
“Sustainability underpins everything we do at Boeing,” said Chris Raymond, vice president of sustainability, strategy and corporate development. “It’s integral to who we are and how we do business. Collaboration with industry and continued investments in innovative technologies are key to driving our industry forward towards a more sustainable future.”
The three-month programme, designed and delivered by Ignite, will begin in January 2021. The application period closes on 27 September. The application can be found here.
Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defence, space and security systems, and global services. The company supports commercial and government customers in more than 150 countries, and leverages the talents of a global supplier base. Boeing has a UK workforce of 2,500 direct employees across the country and spends £2 billion a year in the UK supply chain. For more information visit www.boeing.co.uk or follow us on Twitter @BoeingUK.