Sting launches new program for Deeptech innovations
Sting has previously supported several deeptech companies, for example, iCellate, Ingrid Cloud and Volumental.
Companies based on complex, advanced technologies, so-called deeptech companies, often face special challenges during the early stages. To better support this type of companies, Sting is now launching a new track within its Incubate program – Sting Incubate Deeptech.
The new program is aimed at deeptech companies based on complex, advanced technologies. It includes, among other things, research-heavy technologies in areas such as artificial intelligence, robotics, security, radar, sensors, the Internet of things, new materials, and energy, water and biotechnology.
Because of their long development cycles, these companies differ from purely digital companies in the kind of support they need to optimally grow and develop. Often, they are also much more capital intensive and therefore attract fewer of the traditional investors.
– These companies often have great potential to solve major, important global problems and can make significant impact, for example in relation to the UN Sustainable Development Goals. Deeptech companies deal with great risk in terms of teams, technology, financing and the market, and we have seen a need for specially designed business development support to allow them to grow in the best possible way, says Pär Hedberg, founder and CEO of Sting.
The startups apply for and are accepted on an ongoing basis and are offered Sting’s support for a considerably longer period than otherwise; up to 30 months. To be admitted, there must be great opportunity to protect the business idea and create entry barriers with the help of patents or similar methods. In addition to Sting’s regular offer, the entrepreneurs also benefit from special advice on financing, including assistance in identifying sources of funding with large amounts. The companies also gain knowledge about EU funding and access to Sting’s network of experts in the deeptech area.
The program has been developed in dialogue with KTH Innovation, which has long experience of supporting people with ideas in complex technologies that have great potential to change their industry.
– We are convinced that the offer is very attractive to companies that are based on complex technologies and are ready to take the next step after the universities’ innovation support. We have seen the need at KTH and are very happy that the program is now becoming a reality,” says Lisa Ericsson, Head of KTH Innovation.
The program is also backed by knowledgeable people in deeptech who will act as specialist advisors. To date, the list includes Jane Walerud, investor and co-founder of software company Bluetail and co-founder and CEO of Teclo Networks; Mårten Skogö, co-founder of eye-tracking company Tobii and chief technologist at Industrifonden; Ulrika Nordén, co-founder and CEO of IRnova, who develops and manufactures high-performance infrared detectors using cutting-edge technology; Patrik Möller, co-founder of Replisaurus Technologies and CEO of CorPower Ocean, which produces electricity from wave energy, and Björn Westerholm, founder and former CEO of fuel cell-based power bank MyFC.
In addition to these indivisuals, Sting has also established a partnership with RISE, Sweden’s Research Institute and Innovation Partner. The partnership gives admitted companies access to technical due diligence and access to RISE’s networks and resources. The program also has a collaboration with IVA, The Royal Academy of Engineering Sciences, which opens up its network of technically competent people.
Sting has previously supported several deeptech companies such as Diamorph, Midsummer, Bioservo Technologies, Yubico, IRnova, Mantex and Volumental.
– We are very much looking forward to helping develop more solutions that in many cases can really contribute to a better world, says Pär Hedberg.
In addition to the Incubate Deeptech program itself, several different initiatives will be implemented to gather Stockholm’s deeptech startups, build new networks and engage investors. So far, the following activities are planned:
- A new Sting Test Drive program where entrepreneurs with early ideas and companies in deeptech during four evening workshops will learn how to evaluate and test their business ideas and models. Test Drive Deeptech will be launched in October and will be arranged in collaboration with KTH Innovation.
- Deeptech Open Coaching sessions, short 20-minute meetings for entrepreneurs with exciting business ideas within deeptech who want to get input on a specific problem or challenge.
- Sting Night, a matchmaking event for startups and investors focusing on Deeptech solutions.