Hyderabad: The Centre for Innovation & Entrepreneurship (CIE) of IIIT Hyderabad has been selected for the Startup India Seed Fund Scheme by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India
A total of Rs 5 crore was sanctioned to the incubator by the Experts Advisory Committee (EAC) after evaluating IIIT-H Foundation’s impact on startups, progress and achievements over the past 13 years, according to a press release.
The CIE helps enable and support eligible early-stage technology startups creating innovative solutions in areas of Deeptech (AI/ ML, CV, NLP, Robotics, VR/AR, Blockchain), Enterprise Tech, Edutech, Healthcare and Medtech. Startups based on research or those that have been started by researchers would be preferred, it said.
The funds would enable proof of concept, prototype development, product trials, market entry and commercialisation by providing financial assistance up to Rs 25 lakh, it said.
For the next three years, IIIT-H Foundation would support around 20-25 startups through this scheme to enrich CIE’s active deeptech startups seeding and growth programmes. In recent years, CIE has seeded over 15 startups from research and in 2021, four startups including Revos, Instoried, Paymatrix, Scholar have exited, returning 4x multiples on the equity held by CIE.
“IIIT Hyderabad has always had serious aspirations to translate research into solutions for industry and society. Our incubator was started in 2008 to enable this. Over the years we have seeded several startups, and nurtured a few hundred startups,” said Prof. PJ Narayanan, Director, IIITH.