Reimagining the customer and employee experience with data and AI
Applications close: 20 Aug
Xccelerate is a program that helps early-stage founders understand the pathway to partnering with a large corporate, like a bank. It's a high-touch program that creates valuable connections between founders and stakeholders within x15 and CommBank, enabling exploration and experimentation.
Focus area details
We want to explore ideas that
Help businesses deliver GenAI products and solutions at pace – Including optimising end-to-end GenAI deployment processes and operations, building future-fit GenAI ecosystems and tech stacks, whilst also ensuring safety, compliance, and privacy.
Safeguard customers and businesses from the increasing risk of sophisticated threats – Including faster detection and response times and reduced complexity in detecting and processing risks.
Improve customer experiences – Efficiently processing large volumes of customer requests, increasing personalisation, and the ability to respond immediately.
Increase customer engagement – Delivering high impact, personalised messages and offers to customers at the right time.
Enhance productivity – Reducing complexity in engineering, the ability to process large request volumes, and in compliance and risk management process.
Process large volumes of data – Including migration from on-premise to cloud, improving data lineage tracking, addressing emerging areas of computer language services and code migration services, and improving scalability of data management
Note: Your business should align with at least one of these areas but if you're super keen to be part of this, apply, and we'll stay open minded.
We’re a venture scaler powered by CommBank.
We build, buy, and invest in startups that would benefit from connections to Australia’s leading bank, and could improve the lives of its 15 million customers.
We sit in the unique space between corporate and startup. Close enough to benefit from CommBank's strategy, scale and stability, but separate enough that we have the autonomy to try new things.
Are we right for each other?
Early stage founders
If you're pre-Series A, incorporated in Australia, and working in AI or data, you're in the right place.
More than money
We invest with intent. By applying to this program, you're entering an accelerated investment process. We hope you're here for reasons beyond capital. The full benefits are felt by teams who commit, are open to learning, and want to explore growth in a safe environment.
Access to domain experts
Xccelerate provides access to decision makers, mentors and experts inside x15 and CommBank. You should have ideas on how growth with a corporate could work, and be ready and willing to challenge these.
Pathways to partnership can be hard to explore from the outside, looking in. Access is a huge advantage.
Everyone's busy. We've structured the time commitment to break up your workload and minimise the impact to your business.
01
10 July - 20 Aug
Apply
Early-stage ventures who meet our eligibility requirements are encouraged to apply for Xccelerate24. Our team will then shortlist applications.
02
21 Aug - 15 Sept
Interviews
Shortlisted applicants will be invited to a 30 minute virtual meeting with the x15 Portfolio team, to dive deeper into their venture and answer any questions the team may have.
03
Event Day: 16 Sept
Community Day
15 to 20 teams will be selected to join us for a day of curated panels, networking opportunities, and mentoring with domain experts from x15, CommBank and the wider industry. At the end of the day, the five most promising teams will be invited back for the remainder of the program.
04
Event Day: 1 Oct
Partnership Pathway Day
Five final teams will roll up their sleeves in a series of interactive workshops. Unpacking different forms of strategic partnership and practically working through how to shape their own path – positioning their venture for success.
05
Event Day: 30 Oct
Investment Committee
Finalists will present their partnership pilot opportunities directly to executives and key decision makers from CommBank and x15. At least one venture will receive investment via SAFE Note, plus ongoing support from x15 to unlock the pathway to partnership.
FAQs
Who is x15ventures?
We’re a venture scaler powered by CommBank.
Founded in 2020, we build, buy, and invest in startups that would benefit from connections to Australia’s leading bank, and could improve the lives of its 15 million customers.
x15 sits in a unique space between corporate and startup. Close enough to benefit from the Bank’s strategy, scale and stability, but separate enough that we have the autonomy to try new things.
We work closely with our ventures to:
Grow at pace – operating on a separate technology stack to the Bank, we can rapidly build, launch and iterate at a pace you’d expect from a startup.
Innovate safely – with specially designed governance and risk processes to ensure we meet relevant CommBank and regulatory obligations and experiment in a ‘bank safe' environment.
Scale – strategic alignment with CommBank provides our ventures with opportunities to leverage the Bank’s distribution assets and/or resources that could help them scale faster than independent startups.
What is Xccelerate?
Xccelerate is an annual program helping early-stage founders understand the pathway to corporate partnership.
Through the program, successful applicants get access to decision makers, mentors and experts inside x15 and CommBank, helping them explore potential pathways to partnership with the Bank, pitch for funding, and ultimately accelerate the growth of their businesses.
At the end of the program, x15 aims to invest $250,000 into at least one venture.
Successful applicants will benefit from:
Mentoring – Targeted advice from experts within x15 and CommBank, who work closely with founders to enhance their business proposition (risk, tech, cyber, legal, compliance, data, growth marketing, etc.)
Access to domain experts – Providing deep insight into what corporate partnerships involve and how to successfully position a venture on the pathway to scale.
A pathway to partnership – An early investment in a business is not just capital, it’s the start of a strategic relationship with one of Australia’s best-known and trusted institutions.
Publicity – Specialist support to help build awareness of their business, including earned media and event opportunities that may arise from association with x15.
What do you get from taking part in Xccelerate?
Xccelerate 24 is not a competition – by entering the program, you are beginning an accelerated investment process. We aim to invest a $250k SAFE Note into at least one startup that participates in an Xccelerate cohorts. The SAFE's valuation cap will be determined based on the maturity of your business. We do not look to hold more than 10% at conversion of the SAFE, regardless of cheque size or valuation cap.
What’s the theme of this year’s Xccelerate?
We are looking for applications from early-stage companies that are aligned to theme of ‘Reimagining the customer and employee experience with data and AI’.
More specifically, we are looking for businesses that:
Help businesses deliver GenAI products and solutions at pace – Including optimising end-to-end GenAI deployment processes and operations, building future-fit GenAI ecosystems and tech stacks, whilst also ensuring safety, compliance, and privacy.
Safeguard customers and businesses from the increasing risk of sophisticated threats – Including faster detection and response times and reduced complexity in detecting and processing risks.
Improve customer experiences – Efficiently processing large volumes of customer requests, increasing personalisation, and the ability to respond immediately.
Increase customer engagement – Delivering high impact, personalised messages and offers to customers at the right time.
Enhance productivity – Reducing complexity in engineering, the ability to process large request volumes, and in compliance and risk management process.
Process large volumes of data – Including migration from on-premise to cloud, improving data lineage tracking, addressing emerging areas of computer language services and code migration services, and improving scalability of data management.
Tell me more about the program...
Xccelerate helps early-stage founders understand what the pathway to partnering with a large corporate, like a bank, looks like.
A high-touch program that creates deep connections between founders and key stakeholders within x15 and CommBank, it’s for teams who want to stress-test their venture in the right environments and practically evaluate if partnering with a corporate is appropriate for their venture growth.
There are two key events in the program:
1.
Community Day (~15-20 teams)
2.
Partnership Pathway Day (~5 teams)
x15’s Portfolio team, along with CommBank’s data and AI experts, will then make an assessment and begin due diligence on selected ventures.
How do I take part?
Check out our Eligibility criteria (Who can apply) first, and, if you feel like you fit the bill, please complete the application form and submit your pitch deck. Early submissions (received before 31 July) will receive a detailed review from our investment team, with advice that could improve the quality of your application. The final deadline for submissions is 20 August.
What are the key dates for Xccelerate24?
Applications open: Wednesday 10 July
Applications close: Tuesday 20 August
Community Day: Monday 16 September
Partnership Pathway Day: Tuesday 01 October
Xccelerate Investment Committee: Wednesday 30 October
Where will the event be held?
Both the Community and Partnership Pathway days be based out of x15’s office in South Eveleigh, Sydney. The Community Day will be available for teams to stream via MS Teams, while all other events will be face-to-face. We will work with teams individually and based on different stages of the program to assist with travel expenses where suitable.
Who can apply (Eligibility Criteria)
Pre-Series A ventures that:
Are ‘Reimagining the customer and employee experience with data and AI’ and align to at least one of our sub-themes.
Have a team, with all individuals over 18 years old.
Are a proprietary limited (Pty Ltd.) company incorporated in Australia.
Have at least an MVP that can be demoed to the x15 Investment team.
Have the technical capabilities to develop their product in-house, or can articulate a clear strategy for how the product will be built using external providers (preference will be given to teams with a technical co-founder).
Are aligned with CommBank's AI Principles, which apply to all AI systems designed, developed, deployed or used by the Bank.
Will I need to share my IP for Xccelerate?
Absolutely not. We don’t need to know the ‘secret sauce’ at this stage. We need to understand the problem you’re solving and whether what you’re doing and how you’re doing it align with a key area of strategic importance and interest for CommBank. If we need to get down to brass tacks, that will come once you’ve been selected as a top venture and in late stages of the investment consideration process. We can work together to determine the best way to get enough information to make an investment decision.
As you know, elements of Xccelerate24 will be run as a public event. News and media of Xccelerate24, its participants, and aspects of their applications may be circulated by x15 on social media and in the press. Accordingly, a note not to share anything you wouldn't be happy to share in a public forum. For example, participants should not share any information which is commercially sensitive and confidential. Please refer to the participant Terms and Conditions for more information on how participant materials are handled.
Can overseas companies apply?
For the Xccelerate24 program we are seeking Australia-based founders and businesses.
What happens with my pitch deck?
Please refer to our Xccelerate24 Participant Terms and Conditions and Privacy Policy for further information on how we store data
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