NEC X and Alchemist Accelerator Announce Partnership to Speed Successful Startup Launch

Technology startup founders with ambitious aspirations now have end-to-end support from initial concept through commercialization

TOKYO and PALO ALTO, Calif., May 13, 2021 (GLOBE NEWSWIRE) -- NEC Corporation, a leader in IT and network technologies; NEC X, the innovation accelerator for NEC’s emerging technologies; and Alchemist Accelerator, a venture-backed initiative focused on accelerating the development of early-stage ventures, today announced a joint partnership between NEC X and Alchemist to provide technology startups with end-to-end support, including NEC R&D technologies and business launch coordination. NEC X provides its Corporate Accelerator Program (CAP) together with AlchemistX, Alchemist’s corporate innovation accelerator, to speed the development of early-stage startups.

“Our CAP has evolved by leveraging the Silicon Valley startup ecosystem,” said Shige Ihara, CEO of NEC X. “From its establishment in 2018 to the present, NEC X has gone from being a new startup itself, to seeding 23 potential new ventures. However, we wanted to enhance the support for startups to succeed through our technology incubation program. We chose to partner with Alchemist because it was a good fit for all parties.”

NEC X has access to Alchemist’s methodology and resources, as well as the Alchemist network of entrepreneurs, venture capitalists, corporations, and mentors. Additionally, NEC X CAP graduates have the option to join Alchemist for further growth and investment opportunity. Alchemist has access to NEC X’s early-stage startups using cutting-edge technologies from NEC R&D.

“We are excited to partner with NEC X―we think the synergies are strong. NEC is pushing the frontiers of technology, and Alchemist bolsters NEC X’s existing support with a structured path to market traction and fundraising as well as mentorship and community for founders,” said Ravi Belani, managing director and founder at Alchemist Accelerator. “Alchemist has built a strong track record of helping startups realize and expand their potential, including accelerating their growth through hands-on coaching and curated access to fundraising. We are excited to now support NEC X’s startups, in which much of the experience is personalized to the needs of each startup to help them build their company in the way that works for them.”

Additionally, NEC X and Alchemist are pleased to announce the graduation of Metabob at the Alchemist 27^th Demo Day today. Metabob, which helps Python coders save countless hours by quickly identifying bugs in their code, began in NEC X’s CAP, using technology developed from NEC R&D. After incubation and spin out through NEC X, Metabob joined Alchemist for final acceleration and launch.

The NEC X CAP process begins by introducing prequalified entrepreneurs-in-residence (EIRs), who have the right mix of business acumen and technology aptitude, to technologies from NEC R&D, and then the potential EIRs present and demonstrate business ideas. Those selected as EIRs then drive the CAP process, including customer discovery and customer validation, and go through development activities for incorporation. Since its establishment in 2018, NEC X has already spun out three startups through the CAP process.

Those interested in participating in the NEC X Corporate Accelerator Program as EIRs, partners or investors can visit https://nec-x.com or email [email protected] to request a meeting.

For more information about Alchemist, please visit: https://www.alchemistaccelerator.com/.

About NEC Corporation
NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.

About NEC X
NEC X, Inc. accelerates the development of innovative products and services through the strengths of NEC Laboratories’ technologies. The organization was launched by NEC Corp. in 2018 to fast-track technologies and business ideas selected from inside and outside NEC. For companies launched by its Corporate Accelerator Program, NEC X supports business development activities to help achieve revenue growth. NEC X also provides options for entrepreneurs, startups and existing companies in the Americas to use NEC’s emerging technologies. The company is centrally located in Silicon Valley for access to its entrepreneurial ecosystem and strong high technology market. Learn more at https://nec-x.com or by emailing [email protected].

About Alchemist
Alchemist is a venture-backed accelerator focused on the development of seed-stage ventures that monetize from enterprises (not consumers). CB Insights rated Alchemist the top accelerator based on median funding rates of its grads (YC was #2). Alchemist backers include many of the top corporate and VC funds―including Khosla Ventures, DFJ, Cisco, Siemens, GE, and Salesforce, among others. Notable alums include LaunchDarkly, Rigetti Quantum Computing, Privacera, mPharma, Matternet, and Mightyhive. Learn more at https://www.alchemistaccelerator.com or by emailing [email protected].

About Metabob
Metabob is an AI code review tool helping developers save countless hours on their debugging time by identifying critical bugs other tools in the market tend to miss. For more information, please visit: https://metabob.com/.

NEC is a registered trademark of NEC Corporation. All Rights Reserved. Other product or service marks mentioned herein are the trademarks of their respective owners.

Media Contacts:

NEC Corporation
Joseph Jasper
+81-3-3798-6511
[email protected]

NEC X
Sandy Fewkes
Kiterocket
+1-408-529-9685
[email protected]

Alchemist Accelerator
Justin Padinske
+1-484-332-5560
[email protected]