US-based startup accelerator Alchemist Accelerator has raised $2.5m for its second fund, securing capital from several corporates according to TechCrunch.
Automotive and industrial components producer Johnson Controls, communications equipment manufacturer Ericsson and Analog Garage, a corporate venturing subsidiary of semiconductor maker Analog Devices, all committed capital to the fund.
Alchemist’s six-month program will start in April this year and will target 17 startups based in the San Francisco Bay area that generate revenue from enterprises rather than consumers. Each participant will receive approximately $36,000.
The scheme will focus on customer development, sales, market rationale and how to approach fundraising.
Alchemist’s past corporate backers have included networking equipment manufacturer Cisco Systems, enterprise software provider Salesforce.com and industrial conglomerates Siemens and Tyco.