5G Open Innovation Lab (5G OI Lab) has announced that international telecommunication provider AT&T and Comcast have joined its innovation ecosystem.
Simultaneously, the Lab unveiled its Batch #8 cohort, which is its largest to date with over $313 million in venture capital raised and 17 multi-stage startups embarking on 5G OI Lab’s Fall program.
The Lab’s inaugural Batch #1 launch in May 2020 and became a destination for global startups, technology platforms, integration, and enterprises.
“As evidenced by the 118 startups in our ecosystem, the combination of 5G and edge is unlocking a massive wave of collaborative innovation in Cloud, Edge and AI across every industry from agriculture and power generation to manufacturing, logistics and medicine,” says Jim Brisimitzis, founder and general partner of the 5G Open Innovation Lab.
“We are thrilled to welcome AT&T and Comcast as founding partners to help drive our vision to bring industry experts together and, collectively, drive innovation into overlapping ecosystems. 5G and edge are new foundations that can be used to drive new business models and technology across segments and companies.”
AT&T and Comcast join 5G Open Innovation Lab as founding partners, alongside a total of 18 other founding and corporate partners.
The Texas based telecommunication company provides mobile, broadband and other communications services to U.S. consumers and nearly 2.5 million companies globally.
According to Jay Cary, VP, strategic alliances, corporate strategy at AT&T: “Collaboration is the key to innovation.”
“As we continue forging ahead to realize 5G’s full potential, it is important to work with the nimble startup and innovation community so we can move faster and solve real-world technology challenges more holistically and effectively for our customers. We are excited to be part of that start-up thinking with the 5G Open Innovation Lab.”
Comcast Corporation is a media and technology company that brings together connectivity and platforms with content and experiences through Xfinity, Comcast Business and Sky.
The company provides broadband, wireless, and video; and through NBC, Telemundo, Universal, Peacock and Sky, and produces, distributes, and streams entertainment, sports, and news.
“The cycle of innovation often begins in small companies where a new idea can challenge existing ones, and Comcast has had success taking risks and embracing these new ideas,” adds Tom Nagel, SVP, wireless strategy at Comcast.
“Engaging with the startup community through our own Lift Labs or with organizations like the 5G Open Innovation Lab is an important factor not only in our own efforts but to push the industry forward in exciting new ways.”
Batch #8 welcomes 17 new startups to 5G OI Lab’s open ecosystem bringing the total number of participating companies to 118. The multi-stage startups selected represent enterprise solutions in fields such as real-time logistics and tracking, robotics, private mobile network security and IoT enablement.
Since the 5G Open Innovation Lab’s program inception in 2020, participating startups and alumni have raised a total of $2.088 billion.
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