Dutch firm wins inaugural Krypto Labs startup contest
ModelMe3D chosen during Krypto Labs inauguration ceremony in Masdar City, Abu Dhabi
A modelling platform that allows users to click on buildings, surfaces and markers to learn more about their surroundings has won the inaugural Krypto Start-up Contest in Abu Dhabi.
ModelMe3D will receive US$250,000 package of funding and mentoring support to incubate its modelling platform at Krypto Labs.
Krypto Labs is a 2,600sqm custom-built all-in-one incubator and co-working space based at Masdar City, offering tenants support mechanisms such as legal advice, networking channels to industry leaders, access to venture capitalists and other investors, and guidance on registering their company with the Masdar Free Zone. On-site resources include advanced computing, technical workshops, 3D printing, an audio visual studio, meeting rooms and an event space.
Netherlands-based ModelMe3D was awarded the prize after pitching its business to a panel of international judges and an audience of more than 200 distinguished guests marking the inauguration of Krypto Labs.
ModelMe3d was one of three finalists, alongside The DIFFERENCE, a USA-based company that has designed a heelless shoe to enhance forefront landing and potentially cure the chronic pain of millions of athletes, and ToonYou, a Belgium-based start-up that creates animation series for kids that families can customise with their own pictures.
They were chosen from 2,000 applications from entrepreneurs and start-ups representing 75 countries around the world. Applications were received from Silicon Valley, India, China, and from some of the best business schools in the world such as MIT, INSEAD and LBS.
Dr. Saleh Al Hashemi, managing director at Krypto Labs, said: “Our search for exceptional innovators looking to change the world has allowed us to connect with thousands of start-ups from across the globe in recent months. Innovation is thriving around the world and in our region and we aim to help it progress even faster. We congratulate ModelMe3d on winning the Start-up Contest and welcome them to the Krypto Labs entrepreneurial ecosystem. The ModelMe3d team impressed us with the clarity and ambition of their idea, which Krypto Labs will now help to make a reality.”
Krypto Labs will look to support start-ups linked to any industry anywhere in the world, and will also incubate companies virtually. The incubator will accept applications for funding of companies in various stages of development, in return for a negotiated investment in the projects.