Startup Immersion into the Business Landscape
The BIND 4.0 Open Innovation and Acceleration Program makes instant connections and lasting professional relationships, leading to mutually beneficial collaborations year after year. Neurolabs, based in the UK, is one of the Computer Vision specialists who participated in BIND 4.0 along with 37 other groundbreaking startups in 2020.
Thanks to the connections made through our platform, Neurolabs had a successful POC (Proof of Concept), retained a big name client and extended their contract after one year in addition to connecting with another startup to collaborate on related digital transformation projects. These professional connections, resulting from the open innovation project and the BIND 4.0 networking activities, prove the benefits of our program outlast the 6-month active acceleration cycle.
“BIND 4.0 really stands out because it’s focused on providing customers and gives you a sample of the entire business landscape.” Neurolabs, Startup
Industry Leader Uvesco Validated the Startup Solution
Neurolabs began their Startup-Corporate collaborative project with Food Industry leaders Uvesco, through BIND 4.0 when they were still in ‘exploration mode’ in terms of product-market-fit (PMF). Remus Pop, Co-Founder & COO of Neurolabs recently explained, “The collaboration helped us validate as well as invalidate some of our core PMF assumptions, eventually cementing our PMF. This was reflected in us being able to convey a clearer go-to-market message to potential investors, which eventually helped us secure our first VC-funded fundraising, totaling €1M.”
Solidify your Target Market, Gain Credibility and Access to Funding
The Industry 4.0 projects implemented through our Open Innovation and Acceleration program are often a POC for young companies accelerating their product and market immersion, the reference customers bring credibility by introducing startups into a larger network of potential clients.
In the case of Neurolabs, the cross-vertical access of the BIND 4.0 platform helped them identify a client, solidify their target market and build a strong foundation in Food / Grocery Retail. In addition to the venture client relationship they started with Uvesco, this contract gave them credibility which led to a key funding round.
“The lead VC that joined our journey was from Berlin, Germany, and the fact that we could show commercial validation outside the UK was a critical point. We’ve used the funds to double our team from 6 to 12 full-time employees, to accelerate the R&D and put the technology behind a scalable product: that is, a platform that allows non-technical people to take advantage of the innovation that Computer Vision technology can bring to the industry.” said Pop.
Computer Vision & Deep Learning in the Food – Retail Sector
The Startup-Corporate Industry 4.0 pilot project implemented with Grupo Uvesco in 2020 was focused on helping grocery stores prevent empty shelves using computer vision. Neurolabs builds computer vision algorithms using deep learning and virtually generated data in order to recognize detailed objects in images. Uvesco is a world leader in the food distribution and food and grocery retail sector with over 230 supermarkets throughout Spain, they are committed to innovation and improving the customer experience. Digital Transformation and Innovation Manager at Uvesco, Chris Burleigh said Neurolabs solutions helped improve supplier management and he explains “We have a very good relationship with Neurolabs, their expertise in artificial vision and transforming the raw data into valuable information is allowing us to control elements that until now we couldn’t realistically control.”
“With Grupo Uvesco, we implemented the technology to monitor the front-store shelves, increasing the visibility and awareness of what is happening in shops in real-time. This is a win-win situation for both Uvesco and its customers, with Uvesco benefiting from increased sales, while the customer benefiting from an improved shopping experience.” Remus Pop, COO Neurolabs.
Establish Long Term Professional Relationships
We are proud of the collaborative projects and partnerships formed during our program and note that 6 out of 10 Startups participating in BIND 4.0 retain their contracts with their Corporate Partner after the program. The Neurolabs POC project was so successful they were able to not only extend their collaboration but scale-up the deployment and assess all the benefits of their solution. Neurolabs COO, Remus Pop explains:
“The implementation started last month and will run until the end of the year. Moreover, at this point Xabet (BIND 4.0 Startup Alumni and current Partners of Uvesco) joined forces with Uvesco and Neurolabs in the project in order to ensure a smooth development, deployment and integration of the project.”
BIND 4.0 is Where Connections are Made
One of the main benefits of the BIND 4.0 platform is the ability to connect with Industry leaders regularly and the exposure to other startups to find synergy and potential collaborations. Through their computer vision project with Uvesco, Neurolabs met and have begun collaborating with BIND 4.0 Alumni Xabet, AI experts who were contracted by Corporate Partner Fagor Ederlan in the 3rd edition and are now working with Uvesco on a new project.
“BIND 4.0 Mentor Alberto Conde taught us a lot about how to navigate the business landscape and have the patience to build lasting relationships with our Partners.” Neurolabs, Startup
Open Innovation, Acceleration, Training, Mentoring & more
The BIND 4.0 platform offers more than acceleration, through commercial training, on-site tours, networking activities and industry events, there is regular access and exposure to industry leading companies and a network of disruptive startups. Plus, the support of our investors Venture Club and Mentor Team help boost the progress and immersion of startups into the local ecosystem.
Pop concludes: “We arrived in the Basque Country with lots of ideas in terms of potential applications of our technology. Our Mentor Alberto Conde was very candid and pragmatic when it came to helping us focus on one specific area. He taught us a lot about how to navigate the business landscape and have the patience to build lasting relationships with our Partners.”
“BIND 4.0 is …where ideas become reality” Uvesco, BIND 4.0 Corporate Venture Client
Make Connections, Find Synergy and Get to Work
Startup success stories like Neurolabs and over 130 others prove there is no time wasted at BIND 4.0, we offer incredible resources and support and deliver real and lasting impact. After pitching and finding synergy with big name companies, acting as Corporate Venture Clients, selected Startups begin working on a paid project as soon as the program begins. Immersion into the local business ecosystem begins right away with the help of our Partners, Mentors and Support Team. Plus the benefits of the connections and partnerships made through the program continue to impact both the Startups and the Corporate Partners.
If you’re interested in creating your own Startup-Corporate Success Story by developing lasting partnerships and putting industrial innovation into action with BIND 4.0, join our latest edition, accepting applications from innovative startups worldwide.
