US-based blockchain technology developer Ignite has launched a $150m accelerator with financial backing from multiple corporates, to support Web3 startups.
Ignite Accelerator’s investors include automotive parts producer Wanxiang’s Hashkey affiliate, quantitative trading firm Alameda Research, cryptocurrency exchanges OKX and KuCoin and blockchain technology providers Chorus One, Figment, Chainlayer, Strangelove, Forbole, Everstake and Galileo.
OKX, KuCoin, Strangelove and Hashkey invested through OKX Blockdream Ventures, KuCoin Ventures, Strangelove Ventures and Hashkey Capital respectively.
The accelerator will help startups launch their blockchain projects and will support up to 20 each year across two batches, each of which will last six months, with a view to deploying the projects on the mainnet within 12 months.
The inaugural cohort for Ignite Accelerator is expected to begin in June 2022, and it will provide access to mentorship, capital and networking for participants.
The company rebranded from Tendermint in February this year and is known for launching interoperability protocol Cosmos. It also offers an application development software platform for startups called Ignite CLI.
Ignite additionally has a corporate venturing unit called Ignite Ventures (formerly Tendermint Ventures) that invests in early-stage cryptocurrency technology developers.
In the past year, the fund has invested in cross-chain compostability technology developer Compostable Finance inter-blockchain communications technology provider Polymer Labs, cross-chain protocol developer Umee and pStake, the crypto asset staking subsidiary of decentralised finance technology provider Persistence.
Ignite said in a statement: “The name Ignite Accelerator may be new but identifying and funding high-potential blockchain projects is already woven into our company’s DNA. We have been incubating and accelerating Cosmos ecosystem projects internally since 2018.
“Now, in collaboration with our investment partners, we are scaling our efforts to drive innovation across the blockchain space. Drawing on our successful track record and technical expertise (no other accelerator in the industry also created the core tech stack that participants will use), Ignite Accelerator will propel the adoption of the decentralised web.”
