US-based startup accelerator Alchemist Accelerator has received a $2m limited partner commitment for its latest fund from BASF Venture Capital, the corporate venturing unit of chemicals company BASF.
The fund will allocate at least 50% of the capital to companies developing technology for 3D printing, agriculture, material informatics and nutrition, as well as what BASF describes as “technology game-changers.”
Launched in 2013, Alchemist is a venture-backed business incubator that seeds 75 startups a year, investing $36,000 in companies with a revenue stream that comes from enterprises rather than consumers.
The accelerator runs a six-month program that provides enterprise coaches, early adopters and investors to help each startup obtain their first customers and complete initial fundraising targets.
In January 2019, Alchemist launched its latest cohort of startups including construction technology developer IoTrek, drone maker AirBoard, marketing technology developer Tangent, messaging platform operator Bitesize and mental healthcare platform operator Foresight Mental Health.
BASF is looking to use the investment to leverage digital technologies in the chemicals industry, focusing on artificial intelligence, internet of things and robotics.
Markus Solibieda, managing director at BASF Venture Capital, said: “Alchemist has built a strong reputation for attracting the best in the digital ecosystem. We are thrilled to officially join Alchemist as a limited partner.
“Digitalisation represents unprecedented opportunities to create value for our customers and develop new business models.