SAP launches SAP.iO Foundry program globally to incubate early-stage startups

ST Bureau
SAP SE (NYSE: SAP) recently announced
the SAP.iO Fund, seeded with an initial investment of US$35 million, to make
early-stage investments in software startups that will expand the SAP

The fund is just one component of the
SAP.iO open innovation model, which enables innovators both inside and outside
SAP to use the power of SAP data, application programming interfaces (APIs) and
platform technologies to unlock new value for customers.

As part of the announcement, SAP.iO
launched the global SAP.iO Foundry program to incubate early-stage startups
that build software applications, including those using frontier technologies
such as machine learning and blockchain. Locations are the SAP.iO Foundry in
San Francisco and the SAP.iO Foundry, powered by Techstars Accelerator in
Berlin— this location will be managed by Techstars, a worldwide entrepreneur
network. These new foundry locations will complement existing SAP.iO startup
incubation partnerships with Techstars IoT in New York City and the Junction in
Tel Aviv.

“Our open innovation model continues
to deliver value to our customers,” said Deepak Krishnamurthy, chief strategy
officer, SAP. “In addition to empowering our employee innovators, SAP.iO will
use its fund and foundries to invest in entrepreneurs that develop
industry-changing software.”

The first startup to receive funding
from SAP.iO is Parable Sciences, Inc. (known as Paradata), a Big Data analytics
company based in San Jose, Calif. Paradata’s use of machine learning to offer
greater supply chain transparency complements SAP Ariba solution capabilities
in direct material sourcing and supply chain visibility. In addition to
funding, SAP.iO and SAP will provide the startup with mentorship, customer
introductions and access to platform integrations and APIs that will help
Paradata deliver new and unique opportunities for customers.

SAP creates and supports a culture of
innovation across its entire ecosystem to develop technology that is critical
to supporting SAP customers’ journeys to digitization. Among the many paths to
innovation at SAP is SAP Labs Network, which includes 19 labs across 16
countries; SAP Innovation Center Network, comprising 10 locations globally that
focus on new ideas in a startup-like environment; and intrapreneurship
opportunities and incubators such as SAP.iO.

“SAP.iO will create a new ecosystem to
help accelerate digital transformation for our 350,000 customers,” said Bill
McDermott, CEO of SAP. “We have a message for entrepreneurs: if you have a bold
dream to solve one of the world’s most significant challenges, join us and
let’s chase your dream together.”