IIITH Foundation’s Avishkar Selected 5 Deep Tech Startups for Its Third Batch
The accelerator takes a 2% equity. The seed fund is provided as convertible debenture subscription.
IIITH Foundation’s AVISHKAR Deep Tech Accelerator has selected next set of startups for its Deep-Tech Accelerator Programme.
The applications for the third batch of the deep tech accelerator programme received entries from around the country and from abroad. The quality of the startups that applied reflects an upbeat trend in the deep-tech challenges that entrepreneurs are taking up.
10 shortlisted startups pitched in front of the Investment committee of AVISHKAR programme. The startups received feedback from Investors and Technologists who are part of the panel. Following the pitch day, startups have been selected for the programme. The selected startups receive a 10 Lakhs Seed Fund and will go through a 6 month accelerator programme, where they would receive both technology assistance and business coaching along with access to resources of the IIITH Foundation incubator.
Since 2009, IIITH Foundation has been supporting technology product startups. The AVISHKAR deep tech accelerator is the new initiative to provide the much-needed support for deep-tech startups in the country.
“The Start-up ecosystem in India is currently very vibrant. However, most of these ventures cannot survive and be successful unless they have huge differentiation in terms of technology. With AVISHKAR, IIIT Hyderabad will give these companies a massive edge by providing the required base technology, mentorship, and talent on a need basis in addition to initial funding. Using our resources, our impact on startups should translate into substantial benefits while scaling and rapid internationalization of these ventures,” Prof. Vasudeva Varma, Dean R&D, IIIT Hyderabad. CEO, IIITH Foundation.
AVISHKAR is India’s first deep-tech accelerator programme. The programme is managed by IIITH Foundation in partnership with IIIT Research Labs and other partners in the ecosystem.
Startups selected for Batch-3 are:
- Niche.ai –
Visual Informatics products for Computer Vision ecosystem.
- Blue Semiconductors –
Patentable Semiconductor Startup
- Authbase –
A cyber security startup that utilizes Machine Learning
- DreamVu –
VR camera technology startup
- Docturnal –
“Non-invasive” apps that are “point of care mobile devices” leveraging AI/ML and spectral analysis.
These early stage startups will be on boarded to the programme by end of January and will go through a rigorous handholding and a programme designed to take them to the next level in their journey.
AVISHKAR, Accelerator Programme : Stories from previous batches
Two robotics startups and an image processing startup made up the cohort of the first batch of AVISHKAR.
Endless Robotics, a robotic services startups, have their first product operational, a painting robot called WALT. WALT is increasingly generating attention and winning painting jobs from the market. The founders, all students from BITS Pilani are passionate about a future where robots become a significant part of human life. The Painting Robot is their first step in their journey to build this future.
Sastra Robotics, the second startup that is part of the AVISHKAR Programme has been receiving accolades from governments and multi-national corporations and is making their mark in the industry with their robotic arms that employ haptics technologies to provide capabilities such as automated touch screen testing.
Fabulyst is a machine learning & image recognition app that recommends presonalised fashion trends. As a recommendation engine, it acts as a fashion stylist. At the core of its offering it learns user preferences through the use of Deep Technologies, rates user’s customized style looks based on fashion trends and personal style. The app simplifies shopping by providing the best and most relevant dresses to women based on their body type and preferences.
Scholr, part of the second cohort of AVISHKAR is a virtual educational assistant that has a mission in enabling enhancing learning potential of students. Their beta app is out now and available in Playstore.
The startups linked by the common thread in their attempts to push the envelopes of commercialisable technologies in the domains of Machine Learning and Robotics were selected out of 145+ applications for the first batch of AVISHKAR Programme.
Programme Elements and benefits
AVISHKAR supports deep-tech startups with a 10 Lakh Seed Fund, access to IIIT Research Labs and a 6-month structured business coaching. The programme delivers investment readiness for the startups and prepares them to grow to a mature company.
As the first batch is graduating in January 2017, the startups are already landing up with customer connections and sales deals as well as investment commitments. A demo day is also in the offing for creating business and investor connects.
AVISHKAR programme takes in startups at a seed fund stage and takes them through a 6-month structured programme of business building. Various elements of building a strong foundation for the startup is considered for the milestones for the programme. The startups go through a journey characterized by strategic interventions in their business cases, market approach, customer segmentation, team building etc. By the time they graduate they would be a significantly better position to grow into a mature company. Along with fixing their business cases, the startups also receive assistance in fixing their technology roadblocks through different models of engagement with IIIT Hyderabad Research Labs.
The programme draws its strength from investment partnership with 50K Ventures, Business coaching from CoCreation Consulting. The startups also receive various customer development and mentoring support from IIITH Foundation’s partners and ecosystem associates. ( GCP, AWS, F6S alpha card, Legal assistance and more ).
The accelerator takes a 2% percent equity. The seed fund is provided as convertible debenture subscription.
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