IIIT-H to fund five Hyd-based startups

Hyderabad: Five startups from the Hyderabad city have been selected for third batch of International Institute of Information Technology foundation's Avishkar Deep Tech Accelerator Programme.

The five startups selected are in VR, medical diagnosis, robotics, machine learning space.

The selected startups will receive Rs ten lakh seed fund and will go through a six-month accelerator program, where they would receive both technology assistance and business coaching along with access to resources of the IIITH Foundation incubator.

These early stage startups will be on board to the programme by the end of January and will go through a rigorous handholding and a program designed to take them to the next level in their journey.

"The Start-up ecosystem in India is currently very vibrant. However, most of these ventures cannot survive and are 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”, informed Vasudeva Varma, Dean R&D, IIIT-Hyderabad. CEO, IIITH Foundation.

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.