Ping An Group, a China-based insurance and financial institution, announced on Monday it is working with SparkLabs again for its Ping An Cloud Accelerator program. The company reported it has opened applications for the program’s second cohort.
According to Ping An, the accelerator was designed to empower and prepare out-standing innovative technology companies from around the globe to enter the China market. Startups that are selected to join the accelerator program will receive the support of Ping An Group and gain access to the international network of SparkLabs. The startups will also receive finance and technology advice and coaching by global thought leaders who will serve as mentors, and also gain access into the Ping An Cloud ecosystem.
“During the 5-month acceleration program, we will help companies optimize their business models, expand and localize their business, and facilitate the next round of financing through workshops and D-Day, our version of demo day that puts the startups in front of hundreds of investors and corporates.”
Ping An reported that the program’s first cohort was launched in June 2018 and the company received more than 120 applications and selected 10 companies through a rigorous selection process. Representing 7 countries (the UK, the U.S., Singapore, Nigeria, India, Pakistan, and China), the companies have gained significant traction in numerous fronts over the last three months, including business development, technology upgrades, localization, and fundraising.
Requirements for the program are the following:
- Technology companies in the following sectors: Financial Services, Healthcare, Automotive Services, Real Estate Services, Smart Cities
- Post revenue; large addressable market
- Experienced and credible founding team
- Strong desire and available resources to enter the Chinese market