March 8, 2024

Multimodal @ Plug and Play: We Made the Final Cut!

Discover how Multimodal made it into Plug and Play's Fintech Batch 19, opening new doors for innovation and strategic partnerships in fintech.
Multimodal @ Plug and Play: We Made the Final Cut!

On February 27, 2024, we participated in the Fintech and Crypto Silicon Valley Selection Day hosted by Plug and Play. The event took place at Plug and Play's headquarters in Sunnyvale, California, gathering leading experts in financial technology.

As a leader in Generative AI, we were excited to showcase the impact of our AI solutions on the fintech sector.

We were even more excited once we got the news we had been selected for the Plug and Play Batch 19 Fintech Program.

Key Takeaways

  • Multimodal presented its AI solutions at Plug and Play's Fintech and Crypto Selection Day, focusing on automating workflows in underwriting and KYB/KYC.
  • Plug and Play connects startups with leading corporations in over 20 industries without requiring equity from startups in its programs.
  • The event highlighted the value of networking with the fintech community, offering opportunities for innovation and collaboration.
  • Ankur Patel, CEO of Multimodal, demoed our business model and how our approach surpasses traditional automation by using customized Generative AI agents.
  • Multimodal made the final cut into the Plug and Play Batch 19 Fintech Program.

What Is Plug and Play?

Plug and Play is a global innovation platform connecting leading startups with major corporations to spark technological advancements across 20+ industries. Its team collaborates with over 500 industry-leading corporate partners and actively invests in more than 250 companies annually, working closely with top venture capitalists.

They support startups at every stage, from seed to Series C and beyond, without taking equity in their acceleration programs. This approach helps startups attract major clients, raise capital, and scale their operations efficiently.

With over 100 industry-focused accelerator programs in more than 50 locations worldwide, Plug and Play serves various industries. These include Fintech, Health, Energy, Smart Cities, and many more, aiming to promote innovation and growth in these vital areas.

Plug and Play ensures startups have everything they need to succeed, from investments to global expansion support. They host over 1,300 global events annually, providing amazing networking opportunities. This dynamic environment enables startups to pitch in private sessions, boosting growth and easing entry into new markets.

The Plug and Play Selection Day

The Plug and Play Selection Day is an exclusive, invitation-only event where the most promising startups pitch their innovations to a select audience of corporate partners, investors, and other stakeholders. 

It is key in the selection process for accelerator programs, offering startups a platform to showcase their solutions and potential for impact within their respective industries.

It also provides the opportunity for participants to engage with digital initiatives, learn about market trends, and incorporate innovations by exchanging ideas and feedback.

“A selection day is the final step in a comprehensive two-month process, during which hundreds of startups are sourced to select 10 to 15 to join the program. Typically, 30 to 40 companies present for five to seven minutes each to a room full of corporate partners. These partners sit shoulder to shoulder, participating in the decision-making process to vote on which companies will make it into the three-month innovation platform.” – Michael Olmstead, CRO @ Plug and Play

How We Got Invited

We were truly excited to get invited to the Selection Day. 

We saw it as the perfect opportunity to showcase our cutting-edge solutions, gain insights from industry leaders, and see firsthand the trends and innovations shaping fintech. 

Our journey began with a simple yet impactful call with Plug and Play's investment team. 

Our CEO, Ankur Patel, shared our vision and the unique value we can bring to enterprises, which led to an immediate invitation. We are grateful that Plug and Play’s team instantly recognized what we bring to the table.

Accreditation with Ankur's name and the event's pamphlet.
Ankur @ Plug and Play

How It Went & Our Presentation

The Fintech & Crypto Silicon Valley Selection Day was a bustling hub of fintech innovations and exchange, offering valuable insights into the industry's direction and future. 

The event kicked off with opening remarks followed by a series of startup pitches divided into segments like the "2024 Crypto Outlook" and "Fintech Trend.”  We were among the select startups to pitch in the fintech group, and it was soon time for us to get on stage and present our solutions. 

Ankur started by sharing our innovative approach to automating complex, knowledge-based workflows. He also highlighted the depth of expertise behind Multimodal and touched on his own background in machine learning and financial services. 

After introducing who we are and what we do, Ankur addressed a core issue within many fintech companies: inefficiency in middle and back office operations. He pointed out the shortcomings of early automation efforts like RPA 1.0, such as their one-size-fits-all approach, and emphasized why we focus on delivering highly customized solutions designed around specific client workflows.

He expanded on the transformative potential of SuperAutomation across various industries, including banking, insurance, and healthcare

Presentation slide with graphics explaining How SuperAutomation Enhances Enterprise Workflows
How SuperAutomation Enhances Enterprise Workflow Automation

Ankur also emphasized the importance of security and compliance in high-stakes industries like finance. He further explained the particular measures we take to ensure both, such as deploying AI agents on client infrastructure and using company-owned data for training. 

His presentation also covered the technical aspects of achieving high automation levels: the value of context, task segmentation, and feedback mechanisms for continuous improvement. 

picture and Quote by Ankur Patel, Founder & CEO of Multimodal, on enhancing automation efficiency by integrating context, task segmentation, and feedback in AI production
Ankur Discusses Key Strategies for Enhancing Automation Efficiency in AI Production

In the end, Ankur shared client testimonials and highlighted a case study with Direct Mortgage. He demonstrated our solutions' real-world impact, notably in streamlining the mortgage lending process to offer instant non-binding quotes.

Networking and Future Opportunities

Perhaps one of the most enriching aspects of the event was the networking reception. It offered a platform for direct engagement with enterprises, investors, innovators, and industry leaders. 

This interaction was not just about forming potential partnerships but also about sharing knowledge, experiences, and innovation visions for the future of fintech.

The Verdict? We Made the Final Cut!

Plug and Play selected us for their Batch 19 Fintech Program, starting on March 25 and ending on June 13. We will present our final showcase at the Silicon Valley June Summit 2024, set for June 11-13.

This 12-week innovation platform opens up opportunities for growth, funding, and business development in collaboration with leading corporations. 

The batch 19 Fintech Program allows Plug and Play to closely monitor our progress and traction and receive direct feedback from industry leaders and partners. Plug and Play aims to invest in at least one-third of the participating companies.

Multimodal and Plug and Play logos with confetti
Celebrating Success: Multimodal Proudly Joins the Plug and Play Program

What Are the Benefits of Joining This Program?

The program's structure is designed to promote business and investment discussions through three categories: deal flow sessions, mentor sessions & office hours, and public events.

Our entry into this program opens up a wide range of possibilities:

  • Direct Business Growth: We're now part of Plug and Play’s vast innovation ecosystem, connecting us with the world’s leading VCs and Angel investors 
  • Strategic Boost: From licensing to strategic partnerships and potential investments, the doors are wide open for development.
  • Comprehensive Support: Beyond business opportunities, we gain mentorship, networking, various perks, and essential services (like office space), all without cost.

After the program concludes, the relationship between Multimodal and Plug and Play doesn’t end; we stay on their radar for future introductions, deal flow sessions, and continued opportunities for growth and collaboration. This sustained support ensures long-term benefits and our continued innovation going forward. 

Big Thanks to Plug and Play for the Invitation

As a company, we truly believe that the power of partnership and innovation can transform the fintech market. We're grateful for the chance to be a part of that and contribute to the Plug and Play community.

Thank you for having us, recognizing our potential for enterprises, and selecting us for your three-month Batch 19 Fintech Program!

Discover What Multimodal Can Do for You

If you’d like to learn more about our AI solutions over a one-on-one call, please book a free 30-minute consultation with our team. 

You’ll get a chance to see how our AI Agents work live, ask questions, and clarify any doubts you may have about incorporating AI into your business. 

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