Mitchell teams with EvoNexus to fund startups

San Diego technology trade group CommNexus has added a third technology company to fund and mentor startups in its EvoNexus incubator program.

Mitchell International, which provides software and other technology to the insurance/auto repair industry, said Friday that it will launch the Mitchell@EvoNexus program to provide financial support and business opportunities to young firms.

Mitchell joins Qualcomm and Cisco Systems in offering funding and mentoring to selected companies at EvoNexus, which currently has 26 firms sharing office space in locations downtown and in University City.

Mitchell pledged to provide up to $250,000 in seed funding for companies it selects to enter the EvoNexus incubator. It is up to the company to decide whether any of the applicants meet its criteria for investment.

EvoNexus is accepting applications through Aug. 31 to add 10 to 12 new companies to the incubator. Mitchell, Qualcomm and Cisco will be screening applications for companies to potentially sponsor. This is the first time that both Cisco and Mitchell have participated.

Like Mitchell, Qualcomm also has earmarked up to $250,000 in seed funding for incubator companies. Cisco has set aside an undisclosed amount.

EvoNexus is a no-strings-attached incubator. It does not take an equity stake or charge fees to startups like some other incubator programs. In all, 68 companies have been housed in EvoNexus over the past three years, with 32 graduating and seven being acquired.

Mitchell is interested in startups working on improving driving behavior through the use of vehicle telematics. It also is looking for firms involved in health analytics. Finally, it will consider companies using big data and mobility for insurance claims and consumer health. “Mitchell is committed to increasing innovation within the San Diego technology community, and EvoNexus is the perfect partner to collaborate with on this mission,” said Vidya Dinamani, vice president, innovation and design at Mitchell.

Cisco is looking for early stage startups in San Diego focused on the Internet of Things, cloud computing, big data, enterprise mobility and other strategic areas.

Qualcomm, which is entering its third year in the program, invests in companies in a host of mobile fields. It has invested in four EvoNexus companies to date.

For information, see the EvoNexus web site, https://www.commnexus.org/evonexus/.