PALO ALTO, Calif. – September 14, 2023 – NEC X, Inc., the pioneering venture studio backed by NEC’s world-class technological innovation and expertise, announced today its new initiative, “Elev X!”. The Elev X! venture studio program is designed to launch new technology startups and accelerate the growth of early-stage startups. The first cohort for the new initiative kicks off September 25 as Elev X! Batch 10 with a focus on agrifood, marketing, public safety, healthcare and more, all leveraging emerging technology.

Since its establishment in 2018, NEC X has been dedicated to launching new businesses, primarily with entrepreneurs and founding teams in the ideation phase under its “Corporate Accelerator Program (CAP),” resulting in the building of over ten startups. During these efforts, NEC X collaborated with ideation-phase entrepreneurs and discovered many pre-seed and seed-stage startups in need of specific technology and expertise. To foster the building of more businesses in a shorter time frame, in its fifth anniversary milestone year, NEC X has broadened the scope of startups it supports from ideation phase to seed stage and beyond, and rebranded the program as Elev X!

Elev X! offers two development tracks: Ignite and Boost. The Elev X! Ignite track is designed for founders in the ideation phase. Here, experienced innovators and researchers collaborate closely, providing hands-on support to turn ideas into viable, scalable products. On the other hand, the Elev X! Boost track is for pre-seed and seed startups, providing product development support from researchers, seed funding, and connections to investors, to accompany and scale business.

“Bringing business ideas to life is our passion, and our goal is to help more founders achieve their dreams. For founders, Elev X! offers everything they need to help get their business off on the right foot and grow to the next level, from day one through to graduation of the program,” said Shintaro Matsumoto, president and CEO of NEC X. “For investors, Elev X! presents startups that are seasoned, ready to launch, and scale fast. In fact, our strong technology capabilities are what really set Elev X! apart from other startup incubators and accelerators.”

In both tracks, Elev X! will provide access to a wide range of technologies from NEC, including AI, machine learning, robotics, computer vision, image analytics and recently announced large language model (LLM); a dedicated and experienced team; initial investment; and a network of prominent industry contacts to help founders turn their passion into something that addresses real customer needs and drives social progress.

NEC X is launching the new Elev X! during FutureFusion Forum, an event taking place today that brings together high-tech and AI industry leaders who are disrupting the world with tech-driven open innovation. The event is supported by the Massachusetts Institute of Technology (MIT) Industrial Liaison Program (ILP), which is also a collaborator with startups in Elev X!.

“Witnessing the innovative endeavors of Elev X! and supporting its progress and impact from an academic standpoint is both exhilarating and an honor for us. Elev X! stands as a platform where technology and visionary entrepreneurial spirit harmoniously intertwine, embodying the future of open innovation. We believe platforms like this will spark the next generation of technological revolution,” said Dr. John Carrier, senior lecturer of System Dynamics at the MIT Sloan School of Management.

To learn more about the Elev X! Program, visit: https://elev-x.com. NEC is a registered trademark of NEC Corporation. All rights reserved. Other product or service marks mentioned herein are the trademarks of their respective owners. ©2023 NEC Corporation.                                                                                 

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About NEC X
NEC X Inc. builds on the strength of NEC’s technologies to accelerate the development of innovative products and services. NEC X provides its Venture Studio Programs to entrepreneurs-in-residence (EIRs) to fast-track the development of technologies and business ideas brought by EIRs or from inside NEC. NEC X has won industry-leading awards such as “Best in Biz” and “BIG Innovation.” The company is located in Silicon Valley, enabling fast access to its entrepreneurial ecosystem and strong high-technology market. Learn more at https://nec-x.com or by emailing contact-us@nec-x.com

About MIT ILP
The MIT Industrial Liaison Program (ILP) and MIT Startup Exchange is a membership-based program for large organizations interested in long-term, strategic relationships with MIT.  We engage with organizations from around the globe – in any sector – that are concerned with emerging research-and education-driven results that will be transformative. 

Media Contact:
NEC X Inc.
Sandy Fewkes (Kiterocket)
+1-408-529-9685
sfewkes@kiterocket.com