Hyderabad, xx October 2024 – Algorand Foundation and T-Hub today announced the first set of companies from the inaugural Startup Lab program at T-Hub to receive investment from Algorand Foundation. The Foundation’s investment in the selected Web3 startups marks another step forward in their commitment to demonstrating the power of blockchain-based solutions that promote transparency and inclusivity in India and across the globe. These first startups selected for investment are building cutting-edge blockchain applications for supply chain management, product authenticity and traceability, cross-border trade, and project finance.
The Startup Lab program, a strategic collaboration between T-Hub and Algorand Foundation, accelerates the path to product, market and investment readiness for emerging Web3 startups by providing them with technical support, business mentorship, and access to funding. Participating startups receive intensive support in building scalable solutions with instant finality on Algorand’s robust blockchain technology, as well as access and mentorship from the professionals and network of industry veterans associated with Asia’s largest tech incubator, T-Hub.
Anil Kakani, Vice President and India Country Head at Algorand Foundation said, “At Algorand, beyond sparking innovation, we aim to cultivate entrepreneurs and support their efforts to deliver impactful and scalable Web3 solutions to the market. We’re thrilled to see the first set of companies from our inaugural Startup Lab program at T-Hub – with solutions spanning from supply chain traceability to trade finance, and live event ticketing and engagement to film finance – already achieving critical milestones. With our initial investments today we hope to propel each of them on their path to market, and in particular to deliver world-class solutions that deliver greater transparency, authenticity and even sustainability to both companies and their customers.”
Sujit Jagirdar, Interim CEO at T-Hub, said, “At T-Hub, our mission has always been to nurture innovation and entrepreneurship by bridging the gap between startups and industry leaders. The collaboration with Algorand Foundation exemplifies how the T-Hub Startup Lab propels startups towards market readiness and success. Through the program, we have together provided emerging Web3 companies with access to cutting-edge technology, critical business mentorship, and now, essential investment support. The investment from Algorand Foundation not only helps these startups refine their solutions but also accelerates their scaling and integration into real-world markets. We’re thrilled to see the first cohort making great strides, and we look forward to supporting many more as they build blockchain-based solutions to transform industries.”
Meet the Five Companies:
1. LW3
LW3 is pioneering a full-stack cryptographic solution to enhance traceability and sustainability in global trade. Their platform, built on the Algorand blockchain, addresses challenges such as counterfeit goods and inefficient circular economy practices that result in substantial economic losses. LW3’s innovative solution allows producers to tokenise physical products using a tamper-proof QR code, creating a “digital passport” for each product that records every movement along the supply chain on the blockchain. Currently, in the pilot phase with select clients, LW3 has demonstrated its potential to revolutionise supply chain transparency and sustainability. They have already secured strategic alliances with KPMG and LS Technologies and are in advanced talks with Mahindra for EV battery traceability solutions.
2. FilmFinance
FilmFinance is transforming the film industry by connecting filmmakers with global investors through a blockchain-based platform. Leveraging Algorand’s technology, FilmFinance aims to democratise access to film funding, overcoming the inefficiencies and opacities of traditional financing models. The platform enables fractional tokenisation of film assets and smart contract execution, simplifying the funding process and providing investors with greater visibility into potential returns. Although initially developed on EVM, FilmFinance is transitioning to Algorand to take advantage of its scalability and security features. The platform’s core functionalities are complete, and it is poised to redefine film financing by making it more transparent and efficient.
3. Automaxis / FDP Connect
FDP Connect is revolutionising global trade documentation by digitising the bill of lading using Algorand’s blockchain technology. This solution addresses the historical inefficiencies and risks associated with traditional paper-based systems. FDP Connect’s platform automates essential processes related to freight, documentation, and payments, with the bill of lading being the first document digitised. The platform is currently live on testnet and is preparing for a phased mainnet launch. With its alignment with the Model Law on Electronic Transferable Records (MLETR), FDP Connect is well-positioned to modernise trade documentation and enhance supply chain efficiency.
4. Astrix
Astrix is transforming the live events and fan engagement sectors by leveraging Algorand’s blockchain technology to offer secure ticketing, digital collectibles, and foster community-building around events and creators. Addressing key challenges like fraud, counterfeit tickets, and transparency, Astrix empowers event organisers to create immersive fan experiences that extend beyond the event itself. With features like special access, discounts, exclusive benefits, and seamless community engagement, Astrix turns fans into active participants. Its user-friendly Web2 interface makes blockchain accessible to a wider audience. As Astrix continues to scale, it is introducing a secondary marketplace and gamified fan engagement, reshaping how communities interact with their favourite events and brands.
5. ARVO
ARVO offers advanced traceability and authenticity solutions for manufacturing sectors by combining AI, IoT, and blockchain technologies. Their platform addresses the pressing issues of counterfeiting and transparency in industries such as automotive aftermarket and pharmaceuticals. ARVO’s solution creates tamper-proof records of each product’s journey, ensuring authenticity and providing reliable ownership verification. The platform is currently on testnet, with plans to launch on mainnet and implement solutions for existing customers. ARVO’s innovative approach to product traceability and its strong business pipeline make it a standout in the blockchain space.
The Algorand Foundation is committed to driving innovation and growth in the blockchain space through strategic investments and partnerships. As a part of its initiative to incubate and support these startups, the foundation will also help these startups raise further institutional capital to grow their ventures. The funding will support their development, scaling efforts, and integration with Algorand’s blockchain technology.
