Gold Coast mobile applications and security services company, Leapin Digital Keys, has become the first Australian-based company to be accepted into the 10X Startup Accelerator Program in Colombus, Ohio, USA.
The local company produces a smartphone-enabled access control system and a replacement for keycard systems. The app allows the creation of time-sensitive digital keys which can be shared via email or SMS.
It entered 10Xelerator – a mentor-driven investment program designed for disruptive technology startups – due to the lack of a ‘sharing economy’ in the Australian market, according to CEO and co-founder, Steve Dunn.
“This time last year, we had just graduated from the ANZ Innovyz Start accelerator program in Adelaide,” he said.
“Although ANZ Innovyz Start had a strong mentor network, we want to be in a place where we have a lot of opportunities to partner with and/or licence with some larger companies which we might not have had access to back in Australia.”
“Our product is perfect for 'sharing economy' companies like Airbnb, or even car sharing companies,” Dunn said. “The sharing economy, worth over $32 billion in the US, just doesn't exist in Australia, so it makes sense for our company to be on the ground in the US where everybody understands what we are all about.”
To date, 27 businesses have gone through the 10Xelerator program and have collectively raised more than $9.4 million in follow-on funding, including one exit.
Leapin will join a team from Jerusalem and eight US-based companies in the 10 week program which kicks off September 4.