Cronos Labs Announces Third Cohort of $100M-backed Web3 Accelerator Program

Cronos Labs, a blockchain business accelerator focused on advancing DeFi, GameFi, and the Cronos ecosystem, today revealed the third cohort of its flagship Cronos Accelerator Program, which is backed by whopping $100 million. The initiative, which was first introduced in 2022, aims to support the most promising early-stage cryptocurrency projects that are based on Cronos by giving them access to finance, networking, and mentoring. By doing this, Cronos Labs hopes to promote creativity and accelerate development both inside the Cronos ecosystem and in the broader Web3 sector.

Applications for the Cronos Accelerator Program have increased by 57% in the Third Cohort compared to the previous cohort, demonstrating the program’s enormous popularity. After narrowing down the pool of applicants Cronos Labs has chosen five very ambitious concepts to be a part of its next accelerator program. The twelve-week program will begin on January 22, 2024, and the five projects—whose selection was based on the quality of their teams and the innovative nature of their technology—will each get USD $30,000 in upfront seed financing.

The five initiatives are:

• LILLIUS – Gamified Sports Training Developed Through AI.
• Innerworks – AI & ZK for Digital Footprints.
• Reax – Decentralized synthetic assets protocol.
• Securd – Liquidity backed Lending.
• Newwit – AI-powered Predict-to-Earn GameFi.

Boosting Innovation Facilitated by AI

The Cronos Accelerator Program’s third cohort is focused on the nexus between blockchain technology and artificial intelligence, and how these potent technolgies might work together to hasten the adoption of Web3. Projects in the third cohort will work with Cronos Labs to develop a curriculum that revolves on massive language models. In addition, AWS and Google Cloud are involved in the initiative, providing mentoring, AI seminars, and cloud credits.

Moreover, projects have direct access to more than 50 partners and 100 mentors in the Cronos ecosystem, which includes specialists and training sessions from Protocol Labs, GSR, Certik, Dora Hacks, Hacken, and other organizations. Throughout the program’s lifetime, ongoing assistance in the areas of technology, marketing, partnerships, product development, and investment will be provided.

Ken Timsit, Head of Cronos Labs, said:

“The overwhelming response we’ve had to the third cohort of the Cronos Accelerator Program is a testament to the growing confidence and enthusiasm that Web3 is where the future lies. With such a significant increase in the number of applicants for the program, it’s clear that developers from all backgrounds are more enthusiastic than ever about building newer, more advanced use cases for Web3 applications. The program will pave the way for the next generation of innovators in the Cronos ecosystem, helping to bring Web3 into the mainstream where it belongs.”

Charlotte Kapoor, Head of Innovation Programs at Cronos Labs, added:

“The third cohort of the Cronos Accelerator Program sits at the forefront of two of the most exciting technology trends of our times — generative AI and blockchain — and will accelerate their integration to deliver cutting-edge solutions for consumers and businesses alike. The intersection of generative AI and blockchain will lead to transformative new applications, and the program will empower the chosen startups with the funding, resources, tools and connections needed to energize growth within the Cronos ecosystem.”

The nominated projects will present their work on a Demo Day in the second week of April 2024, which will take place after the Cronos Accelerator Program concludes. Each initiative will get the chance to present their ideas to prominent program investment partners in order to obtain further seed financing. NGC, Fundamental Labs, Republic, Animoca, and Delphi Digital are among the investors and mentors involved.