x15ventures, the venture-scaling arm of the Commonwealth Bank (CommBank), has opened applications for its annual Xccelerate24 program and is looking for Australian AI and data startups to back.

The program is designed to assist early-stage founders in understanding the pathway to partnering with CommBank. This year, x15 is seeking startups that are reimagining the customer and employee experience with data and artificial intelligence (AI). The company plans to invest $250,000 into the startup with the strongest partnership potential. Applications for Xccelerate24 are open from 10 July to 20 August 2024.

Last year's Xccelerate program attracted interest from over 70 teams, with agtech integrator Pairtree Intelligence securing the $250,000 investment and signing a strategic partnership with CommBank. To be eligible for Xccelerate, applicants need to be pre-Series A, incorporated in Australia, and aligned with the program theme and CommBank's AI Principles. Applicants should have a minimum viable product that can be demoed to the x15 Investment team.

Between 15 and 20 of the strongest applicants will be selected to attend the Xccelerate Community Day in Sydney on 16 September 2024. The five most promising teams will return for the Partnership Pathway Day on 1 October 2024. Finalists will present their partnership pilot opportunities directly to executives and key decision makers from CommBank and x15 on 30 October 2024.

At the end of the program, x15 aims to invest $250,000 via SAFE Note into at least one venture, which will also receive ongoing support from x15.

Past Xccelerate alumni include givvable (2020), Own Home (2020), Splashup (2021), Paytron (2022), and Pairtree Intelligence (2023). x15ventures was founded in 2020 and is powered by CommBank.

"AI and data are and will continue to be key enablers of CommBank's strategy to build tomorrow's bank today. With the pace of recent advancements in GenAI, it's hard to imagine a future in which we can deliver the best customer and employee experiences without them," Dr Andrew McMullan, Chief Data and Analytics Officer, CommBank, said.

Laura Faulconer, Portfolio Director, x15ventures, added, "We want to hear from early-stage founders that see strategic partnership with a corporate, like CommBank, as a path to scaling their business. With over 600 early-stage AI and data startups in Australia, we're hoping this year's program - our sixth since launching x15 in 2020 - will be the best yet."