American telecommunications companies AT&T and Comcast have become founding partners of the 5G Open Innovation Lab (5G OI Lab), joining a group of a total of 18 other founding and corporate partners. The 5G OI Lab is a platform that fosters innovation and collaboration in the field of 5G technology and its applications. The development was announced today in a joint statement by the technology partners and the 5G incubation lab.
Largest Batch of Startups Announced
Alongside this announcement, the 5G OI Lab also unveiled its Batch 8 cohort, which is its largest to date, featuring 17 multi-stage startups with a total of over USD 313 million in venture capital raised. The 5G OI Lab said these startups, selected for the fall batch from around the globe, are working on cutting-edge enterprise solutions in fields such as real-time logistics and tracking, robotics, private mobile network security, and IoT enablement.
Industry Vision for 5G Open Innovation Lab
Jim Brisimitzis, Founder and General Partner of the 5G Open Innovation Lab, said, "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."
"Collaboration is the key to innovation," said Jay Cary, VP, Strategic Alliances, Corporate Strategy at AT&T. "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."
"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," said 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."
The startups selected to join the 5G Open Innovation Lab’s Fall Batch 8 include Airspace, ASOCS, Clevon, Cumucore, Eridan, Expanso, Golioth, HeadSpin, Intuitive Robotics, Kallipr, Namla, Nubix, OneLayer, Orion Labs, Pratexo, Real Life Robotics and Reelables.
The 5G OI Lab said it has become a hub for innovation, with its ecosystem now comprising 118 startups, since its launch in May 2020. Startups that have participated in the program have collectively raised over USD 2.088 billion in funding, with several successful exits valued at over USD 200 million.
AT&T, serving US-based consumers and nearly 2.5 million global companies, offers mobile, broadband, and communication services, while Comcast Corporation, a global media and technology firm, provides connectivity and content to a broad customer base.