Amygda, the UK-based AI startup launched in 2020 with Bulgaria as its tech hub base and funded by Sofia-based VC BrightCap Ventures, was selected for the Aerospace Xelerated Cohort 3. The purpose of this program is to come up with solutions for challenges in the aerospace industry.
Amygda was one of the ten selected participants from 148 software startups applications from across the UK, Europe, North America, and Oceania. Cohort three of the program will get insights from global experts to develop their proof of concept for 12 weeks, with a Demo Day in April.
This year, the focus will be on assured autonomy, autonomous navigation, adaptive learning, generative design, smart maintenance, and reduced workload. This accelerator is led by Boeing and supported by GKN Aerospace with the help of the Ministry of Defence’s Accelerator, titled “Defence and Security Accelerator (DASA)” in the UK.
Each of the 10 startups will benefit at the end of the program from a £100K equity investment from Boeing, access to Angel Investors and VCs, as well as over £100K in program perks provided by partners.
The two previous cohorts have had major success across the UK. They have raised over £50M in funds and created over 100 jobs.
“We are very excited and honoured to work with leaders of the aerospace industry, such as Boeing and GKN Aerospace. This is a great opportunity for Amygda, and we hope to deliver value to the programme and look forward to further validating the smart maintenance platform in the aerospace industry,” Faizan Patankar, CEO and co-founder of Amygda, shared in the official press release.
Amygda’s purpose is to use AI and ML to find insights that can predict and even prevent issues in aerospace, railway, and industrial operations. They aim to deliver data for maintenance that can remove surprises, thus enabling efficiency, while also reducing costs, safely.
Their platform analyzes data on machines and calls out for abnormalities that can cause problems, especially when building, for example, an airplane with components from different producers. Currently, different systems monitor components, but Amygda’s team wants to bring it all into one platform.
In a previous interview for The Recursive, Patankar shared that they plan to continue validating the solution’s effectiveness, expand their team, grow the client pool in Bulgaria and the UK, as well as target other markets, like the autonomous vehicles’ one.
