HYDERABAD, India | 1st December 2021: CIE (IIITH Foundation), the Center for Innovation & Entrepreneurship of IIIT Hyderabad, has been selected for the Startup India Seed Fund Scheme by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
INR 5 Crores was sanctioned to the incubator by the Experts Advisory Committee(EAC) after evaluating IIIT-H Foundation’s impact on startups, progress and achievements over the past 13 years.
CIE helps enable and support eligible early-stage technology startups creating innovative solutions in areas of Deeptech (AI/ ML,CV, NLP, Robotics, VR/AR, Blockchain), Enterprise Tech, Edutech, Healthcare and Medtech. Startups based on research or those that have been started by researchers will be preferred.
The funds will enable proof of concept, prototype development, product trials, market entry and commercialization by providing financial assistance upto INR 25 Lakhs.
For the next 3 years, IIIT-H Foundation will support around 20-25 startups through this scheme to enrich CIE’s active deeptech startups seeding and growth programs. In recent years, CIE has seeded 15+ startups from research and in 2021, 4 startups including Revos, Instoried, Paymatrix, Scholr have exited, returning 4x multiples on the equity held by 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,” says Prof. P. J. Narayanan, Director, IIITH.