ConsenSys Mesh, the Ethereum incubator, has unveiled its latest funding initiative called TachyonX, an innovative program aimed at providing early-stage startups with significant seed capital sourced from the crowd. The program aims to bypass the time-consuming process and bureaucratic requirements typically associated with traditional accelerators.
TachyonX accepts applications from technical projects at any stage that are focused on addressing real-world issues using blockchain technology. While ConsenSys Mesh and its parent company, ConsenSys, have strong ties to the Ethereum ecosystem, the program welcomes projects built on any blockchain compatible with the Ethereum Virtual Machine. (Disclosure: ConsenSys is among the investors of Decrypt, which was previously incubated within ConsenSys Mesh before separating in 2022.)
Successful proposals selected by TachyonX will receive a $150,000 investment from Mesh, in exchange for a 4% equity stake in the project. Furthermore, founders of the chosen projects will gain personalized access to a mentorship network, comprising influential figures such as ConsenSys CEO and Ethereum co-founder Joe Lubin, Gnosis co-founder Stefan George, Gitcoin co-founder Kevin Owocki, Aztec COO Lisa Cuesta Bunin, and Coinbase Ventures boss Shan Aggarwal, among others.
Diana Richter, Head of Marketing at ConsenSys Mesh, expressed the program’s objective, stating, “TachyonX aims to be the initial stepping stone for founders building on Web3.” Web3 refers to the decentralized web technologies industry, particularly blockchain.
TachyonX Provides Funding and Mentoring for Early-Stage Startups in the Web3 Space
Richter emphasized that TachyonX’s transparent terms were designed to simplify the process for founders. The program’s application, which consists of only 18 questions, is now available for submission. It is expected that the initial cycle of TachyonX will accept around eight to 10 projects, likely taking place between the present time and the fall. ConsenSys Mesh previously operated Tachyon, a conventional technology accelerator program, for over five years, and there are plans to relaunch it next year.
The formation of TachyonX was driven, in part, by feedback from Web3 founders who sought faster access to capital and direct mentoring to expedite their development process, rather than the slower and more comprehensive educational curriculum typically offered by traditional incubators and accelerators. Richter explained the benefits for founders, stating, “Founders receive an upfront check and gain access to a mentoring network to support them during their business-building journey. This allows them to focus on growing their ventures.”
In addition to the 4% equity stake required by ConsenSys Mesh for program participation, selected projects will also need to grant the incubator a prorated token entitlement to internal token allocation.