Honeywell India Partners with IISC to Fund Deep Science Startups

IISC collaboration with Honeywell India will increase the possibility of seed funding and essential research support to start-ups. In the last four years of partnership, Honeywell India has supported over 40 startups to fulfil their dreams.

Honeywell Hometown Solutions India Foundation (HHSIF) has formed a partnership with the Foundation for Science, Innovation and Development (FSID), Indian Institute of Science (IISc). Through this alliance, Honeywell offers seed funding and necessary research support to start-ups with a focus on careful analysis of agricultural, environmental and health challenges.

The strategic alliance between Honeywell and IISc not only offers seed capital but also aims to offer state-of-the-art facilities, create global networks, and connect with industry stakeholders including venture capitalists, High Net Worth Individuals (HNIs) as well as Micro, Small & Medium Enterprises (MSMEs) in India.

Over the last four years, research and financial support has been offered to 37 Indian start-ups, extending capital worth INR 9 crores. With an intensive emphasis on health tech, green-tech agri-tech and clean tech, Honeywell has offered funding worth INR 2.4 crores in FY23-24 to eight start-ups and five entrepreneurship-in-residence programs (EIRs). The organisation aim to on-board 10 fresh start-ups in the current financial year.

Honeywell and IISc's collaboration benefits were extended to health tech companies in financial year 2023-24 like Papyrus Diagnostics Private Limited, Akumen Artificial Intelligence, Hoyasan Labs Pvt Ltd, Cellsion Technologies Pvt Ltd and Easescan MedTech Private Limited. Honeywell's long-standing partnership with IISc is a testament of its commitment to increasing innovation and empowering emerging businesses in India.

"Together, with IISc, we are cultivating a fertile ecosystem for these companies, making a tangible impact on society”, said Mr. Ashish Modi, President, of Honeywell India.

“Deep Science start-ups are characterized by long gestation periods, require significant upfront capital and access to world-class labs and sophisticated tools to take their innovation from lab to market. Honeywell has been an outstanding partner for us in this journey providing the much-needed capital and intellectual support to our entrepreneurs in furthering their journey. Jamsetji Tata remarked that “what advances a nation or a community is to lift up the best and the most gifted, so as to make them of the greatest service to the country.” says Prof B Gurumoorthy, Director of FSID and Professor at IISc.

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