Parallel18 picks 16 startups, commits $1.6M in funding
Parallel18, a Puerto Rico-based accelerator, has selected 16 startups from nine countries for its 14th cohort, committing $1.6 million in funding. This initiative aims to foster innovation across various sectors, including artificial intelligence, health technology, fintech, and climate technology. Each startup will receive a $100,000 investment and participate in a 16-week program that begins on July 6, which includes bootcamp training focused on capital raising and investor relations. Among the selected startups are Puerto Rican companies like Cultimar Technologies, which specializes in sustainable deep-sea aquaculture, and Diversia Health, which enhances clinical research connectivity. The cohort also features international startups from countries such as the United States, Colombia, Chile, Spain, Mexico, Argentina, Uruguay, and Australia, showcasing a diverse range of industries from digital health to renewable energy. Lucy Crespo, CEO of the Puerto Rico Science, Technology and Research Trust, emphasized the importance of investing in disruptive solutions that benefit the economy and citizens. With over 9,000 applications received since its inception, Parallel18 has graduated 320 companies and distributed $13.3 million in seed capital, highlighting its significant impact on the entrepreneurial landscape. The program not only aims to transition startups from theory to practice but also offers additional support for those securing private investments through its Matching Fund initiatives.
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