Abu Dhabi incubator to mentor early-stage startups

abu dhabi - Selected startups will receive funding in return for an investment in their company

Startups have got a new home in Abu Dhabi. A 30,000 square feet business incubator was recently opened in Masdar City with the aim to bridge the gap between innovators and investors.

Krypto Labs is associated with the Abu Dhabi Financial Group and will support startups linked to any industry and also incubate companies virtually. Selected startups will receive funding in return for a negotiated investment in their company.

Abu Dhabi Financial Group CEO Jassim Alseddiqi said the facility is a seed for "great ideas, innovation and dreams".

The lab will act as a support system by providing legal advice, access to 50 incubators around the world, networking channels to industry leaders and introductions to local, regional and global venture capitalists and investors.

The facility is laden with features such as advanced computing and 3D printing lab, technical workshop, audio-visual studio, super computers, telescope, e-library, on-site mentoring area and spaces like a tech shop, huddle room and collaborative zone. The labs have been formed by assembling more than 45 used shipping containers.

Krypto Labs managing director Saleh Al Hashemi said the facility provides the right ecosystem for startups.

"Krypto Labs is bringing the best minds and the most innovative ideas from around the world to a unique space so they can collaborate, thrive and grow. Our mission is to turn ground-breaking concepts into scalable companies. This is another milestone for Abu Dhabi and the UAE on its path to lead the world in driving forward innovation and new thinking."

A startup has already reaped benefits from Krypto Labs by winning a $250,000 incubation package of funding and mentoring support. ModelMe3D clinched the inaugural Krypto Startup Contest. The Netherlands-based company's modelling platform allows users to click on buildings, surfaces and markers to learn more about their surroundings.

The contest saw up to 2,000 applicants from 75 countries, including the UAE, India, US, Egypt and China, and from the best business universities such as Massachusetts Institute of Technology, Insead and London Business School.

- ashwani@khaleejtimes.com