The Center for Innovation & Entrepreneurship (CIE) incubates early-stage technology startups in deep-tech areas such as artificial intelligence, machine learning, robotics and blockchain.
The Center for Innovation & Entrepreneurship (CIE) of the International Institute of Information Technology (IIIT) Hyderabad has been selected for the Startup India Seed Fund Scheme, which is run by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
A grant of INR 5 crore has been sanctioned to the incubator by the Experts Advisory Committee (EAC). The CIE incubates early-stage technology startups in deep-tech areas such as artificial intelligence, machine learning, robotics and blockchain.
“The funds will enable proof of concept, prototype development, product trials, market entry and commercialisation by providing financial assistance up to INR 25 lakh to each of the startups,” a CIE statement said. IIIT-H Foundation is targeting to support around 20-25 startups through this scheme in the next three years to enrich CIE’s active deeptech startups seeding and growth programmes. In recent years, the CIE has seeded 15 plus startups from research and in 2021, four startups, including Revos, Instoried, Paymatrix, Scholr, have exited, returning 4x multiples on the equity held by the 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. Very happy to see this support from Startup India,” said P J Narayanan, Director, IIITH.
Follow Shiksha.com for latest education news in detail on Exam Results, Dates, Admit Cards, & Schedules, Colleges & Universities news related to Admissions & Courses, Board exams, Scholarships, Careers, Education Events, New education policies & Regulations.
To get in touch with Shiksha news team, please write to us at firstname.lastname@example.org
Vishu is a writer, an artist, a cat and an ardent music lover. She loves to read, sketch and explore new places in her leisure time. She has nine years of experience in print media.