Warangal, Telangana, February 10, 2020: Technology Business Incubator SR Innovation Exchange (SRiX), Warangal, announced today they have disbursed the grant-in-aid to 8 start-ups under TIDE 2.0 Meity scheme. An amount of INR 44 lakhs was rewarded under the scheme in the presence of Dr AK Garg, Director, Innovation and IPR Division, Govt. of India, MeiTY.
SR Innovation Exchange (SRiX), an official TIDE 2.0 centre in SR Engineering College, Warangal, with support from DST (Department of Science & Technology, Govt. of India), facilitated the grant through TIDE 2.0, an initiative of Ministry of Electronics and Information Technology (MeitY), under the Meity Startup Hub.
The scheme promotes tech entrepreneurship through financial and technical support to incubators engaged in supporting ICT start-ups using emerging technologies such as IoT, AI, Block-chain, Robotics etc. in pre-identified areas of societal relevance.
The recipients of the grant were Varaha Innovation Studios and Technologies, Youcode intelligence Solutions, Oakmont RSM Info Solutions, Viben QR Innovations, Garudaastra Aeroinventive Solutions, Cloudchip Technologies, MHFICTIO Creations and Gryptrx Solutions.
Congratulating the winners for receiving the grant, Sreedevi Devi Reddy, CEO of SR Innovation Exchange said “These innovative award recipients epitomize the entrepreneurial spirit that is flourishing in the Startup community. We are delighted to play our part to facilitate these start-ups to pursue their dream ventures.”
“We received around 80 applications, and had a tough time shortlisting the 8 winners. An amount of INR 4 Lakh each to 4 start-ups, and another INR 7 lakh each to 4 start-ups were disbursed to the winning ideas to provide the initial ignition needed for them to develop a market-ready product.” Sreedevi added.
The Chief Guest Shri Dr A.K.Garg ( Director – Innovation & IPR Division, Government of India, Ministry of Electronics & Information Technology ) in his address said “TIDE 2.0 is a scheme of GoI, aims to promote Tech Entrepreneurship. One of the objectives is to evolve an ecosystem to use emerging technologies for digital inclusion especially in Tier II & Tier III cities. It is so hearty to see that SRiX situated in this Tier II city Warangal is having such wonderful facilities for Research & Innovation. Some promising young minds are being supported today by SRiX under TIDE 2.0. I hope that it will establish an alternate economic hub in Telangana”.
Sharing the details on the technologies the winning start-ups are working on, Sreedevi stated, “It is quite diverse from mixed reality, AI/ML & Data Analytics, Blockchain, Internet of Things to drone technology. We are pleased to announce that 6 start-ups have women co-founders and noteworthy is 3 of the winners are student start-ups of Warangal region.”
Shri Venugopal Reddy Kandimalla, Senior Vice President, Global Head Healthcare and Lifesciences at Tech Mahindra Guest of Honour, at the event congratulated the startups and said “Very encouraged and happy to see start up’s using digital technologies to solve problems that are human-centric with far-reaching implications. Incubators like SRiX have a great role to play in encouraging entrepreneurship in rural India”.
SRiX provides the product designing, prototyping and testing infrastructure support for startups. It has a state-of-the-art precision component manufacturing capability ensure every innovator excel in accuracy, precision in metal works. Besides, CNC Lathe, CNC milling machines, Laser cutting machine are made available for innovators to manufacture products. They also have access to Pioneer brands in 3d printing like Markforged, Ultimaker Makerspace for innovators and power tools.
SR Innovation Exchange (SRiX)is a technology business incubator under the aegis of DST (Department of Science & Technology, GoI), includes a MakerSpace, Internet of Things Centre of Excellence, Rapid Prototyping facilities and other facilities to support product startups.