In uncertain economic times like the present, startup founders — particularly those working on highly technical problems — may wonder whether their companies will get any funding and whether technology will progress.
Don't worry, Alchemist Acclerator managing partner Ravi Belani told a group of founder this week. Technology continues to progress, and companies that are working on hard problems can not only attract initial funding, they can succeed in the long run, he said.
"In these times, if you are worried about the economic situation we are in, the real question to you is not whether or not technologies will be created," Belani, Alchemist's managing partner, said at the company's 30th Demo Day Tuesday. "They will be. Deeply meaningful companies will be created. The question is just whether or not to jump on."
As a case in point, Belani Rigetti Computing Inc., a developer of quantum computers. After taking part in Alchemist's accelerator program in 2015, Chad Rigetti built his eponymous company and its technology to the point where it was able to go public in March in a blank-check merger.
If Rigetti can succeed, other founders working on hard technical problems can too, Belani said at the virtual event.
"Rigetti has proved to pave the way for a lineage of deep-tech companies that have since come afterwards, and that tradition is going to continue today," he said.
Alchemist is hoping to drive the industry forward. The company just completed its most recent accelerator program, which it held mostly virtually, with a few in-person co-working and social events, Belani told the Business Journal. Of the 19 startups it showcased at its event — eight of which are from the Bay Area — several are working on deeply technical problems, he noted.
And Alchemist is committed to backing them, just like it did Rigetti back in the day, he said.
"We are continuing that tradition of funding companies that are rooted in something deeper," Belani said.
Here are the eight Bay Area companies that took part in Alchemist's latest Demo Day:
engageLively Inc.
- Headquarters: Orinda
- Founders: Andi Bergen, Matt Hemmings, Rick McGeer
- Description: Developer of a web-based data visualization application.
- Website: engagelively.com
GiveShop
- Headquarters: Sunnyvale
- Founders: Harry Ng, Aleksandr Sviridov
- Description: Provider of an online service that matches non-profits with corporate donors.
- Website: giveshop.app
Joinedapp Inc.
- Headquarters: Palo Alto
- Founders: Tirto Adji, Arash Hassibi
- Description: Developer of e-commerce software that allows companies to sell their products through social media apps and services and to accept cryptocurrency payments.
- Website: joined.app
Liqui
- Headquarters: San Francisco
- Founders: Justo Armango, Manuel de Arberas
- Description: Operator of a job board for freelance workers.
- Website: liqui.app/en
NavigateIO
- Headquarters: Palo Alto
- Founders: Sukhi Lamba, Karthik Sundaresan
- Description: Developer of a radio device that provides precise three-dimensional indoor location tracking for first responders.
- Website: navigateio.com
OneCommons
- Headquarters: San Francisco
- Founders: Jeremy Egenberger, Adam Souzis, Christine Zapata
- Description: Provider of software that helps open-source developers deploy their applications across multiple cloud computing services and compensates them for their efforts.
- Website: onecommons.org
SmartAn LLC
- Headquarters: San Francisco
- Founders: Maria Mikhaylenko, Arsenii Pechenkin, Michael Sadofyev
- Description: Provider of a service for banks and other financial services companies that allows them to verify customer and partner revenue and financial information.
- Website: smartan.space
xLight Technologies Inc.
- Headquarters: Capitola
- Founder: Erik Hosler, Will Schumaker
- Description: Developer of a photolithography process for semiconductors that's designed to be more efficient than current methods.
- Website: xlight.us
