Commonwealth Bank’s (CommBank) venture scaling arm, x15ventures, is now accepting applications for its annual Xccelerate24 program, looking for Australian AI and data startups to back.
The program is designed to help early-stage founders understand their path to partnering with CommBank. This year, x15 is seeking startups that leverage data and artificial intelligence (AI) to reinvent customer and employee experiences. The company will invest $250,000 in startups with the highest potential to partner. Applications for Xccelerate24 will be accepted from 10 July to 20 August 2024.
Last year’s Xccelerate program attracted interest from over 70 teams, with agtech integrator Pairtree Intelligence securing a $250,000 investment and entering into a strategic partnership with CommBank. To be eligible for Xccelerate, applicants must be pre-Series A, incorporated in Australia and aligned with the program’s theme and CommBank’s AI principles. Applicants must have a minimum viable product that can be demoed to the x15 Investment team.
From the most outstanding applicants, 15-20 will be selected to participate in Xccelerate Community Day in Sydney on 16 September 2024. The five most promising teams will return for Partnership Pathway Day on 1 October 2024. The shortlisted teams will present their partnership pilot opportunity directly to senior executives and key decision makers from CommBank and x15 on 30 October 2024.
At the end of the program, x15 aims to invest $250,000 through a SAFE Note in at least one venture, which will also receive ongoing support from x15.
Past Xccelerate alumni include givvable (2020), Own Home (2020), Splashup (2021), Paytron (2022) and Pairtree Intelligence (2023). x15ventures was founded in 2020 and is run by CommBank.
“AI and data are, and will remain, key drivers of CommBank’s strategy to build the bank of tomorrow today. Given the pace of recent advances in GenAI, it’s hard to imagine a future where we can deliver the best customer and employee experiences without AI and data,” said Dr Andrew McMullan, CommBank’s Chief Data and Analytics Officer.
Laura Faulconer, portfolio director at x15ventures, added: “We are keen to hear from early stage founders who see strategic partnerships with companies like CommBank as a path to expand their business. There are over 600 early stage AI and data startups in Australia and we expect this year’s program, our sixth since launching x15 in 2020, to be our best yet.”
