Expect to see some new companies around town this fall: Maryland accelerator PAX Momentum just named its latest cohort of tech startups.
PAX, based in Darnestown, Maryland, is an eight-week accelerator course for startups around the world. Startups previously received a $50,000 investment through the program, as well as $20,000 in services, a valuation and an equity stake, according to PAX. But in April, the accelerator doubled its offerings to $100,000 per startup – a boost made possible through additional investments in Pax Angels, which funds the accelerator.
“Honestly, I’m not sure that the extra cash will make a huge difference in the outcomes for our graduates,” PAX cofounder and partner Matt Hanson told Technical.ly at the time, adding: “I’m sure that our future companies won’t say no to the extra cash. However, even more important than a single investment [is that] they leave our program with the tools to increase revenue and raise money.”
According to the accelerator, this cohort is the most industry-diverse it’s hosted to date, featuring HR tech, fintech, retail tech and more. Two of its companies are climate-related, which follows the accelerator’s stated commitment to investing in companies solving pollution and environmental degradation issues.
Two DMV-area companies made the final cut for the fall cohort: Chantilly, Virginia-based Amplio.ai and DC’s Wellthi. The former company focuses on HR tech and creates “digital twins” of employees using bio and psychometric data collected from wearables and various tests. These can help predict employees’ main stressors, from which companies can develop plans to help and prevent employee crises, turnover costs and burnout. Fintech startup Wellthi built a social banking application that can be embedded into a financial institution’s existing user interface. The app helps users set and manage their financial goals by sharing them with friends and family in a social platform.
Here are the other companies joining the cohort:
- Harvest Thermal (Kensington, California): A heat-pump tech company that uses hot water tanks to heat homes.
- Cobolt Water Global (New York City, New York): An AI-based software for wastewater treatment plants.
- Curie (Seattle, Washington): Using AI, the company creates 3D images of retail products based on 2D images.
- Logra (Bogotá, Colombia): The SaaS startup is designed to help Latin American small businesses and startups succeed in today’s economy and environment.
- OnexMedical (Abu Dhabi, United Arab Emirates): The company’s tech platform matches medical manufacturers with distributors globally.
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