The Indian Institute of Information Technology (IIIT), Sri City has selected six start-ups in various spheres of activity for grants to take forward their ideas.
The Institute has a technology business incubator to promote innovation and entrepreneurship.
A start-up using the artificial intelligence to develop an intravenous drip system for centralised monitoring and automatic stopping of intravenous fluid; a start up using IoT to develop smart green charging solution for Li-Ion battery devices; an aquaculture start up using IoT smart monitoring system for feeding and surveillance of aqua farms; a healthcare start-up using machine learning to develop an intelligent wearable device to retain and maintain human posture; an environment-based start-up using IoT to develop an indoor air quality monitoring and purifying system using hybrid green technology and a start-up using IoT to develop advanced soil monitoring and crop management system, are the beneficiaries.
Institute director G. Kannabiran said 30 applications were received and evaluated through a two-stage process based on the potential to develop a minimum viable product within a year.
The selected start-ups were leveraging emerging technologies to develop solutions. Each start-up would be provided with ₹7 lakh, product development support, mentoring by a team of domain experts and business consultants. The beneficiaries will be interacting with 200 companies located in the campus as well, he said.
M. Balasubramaniam, chairman of the Board of Governors of the Institute, handed over the grant documents on Saturday. The start-up ecosystem had seen a tremendous growth during COVID-19, he said. As much as 44% of the deals signed by Indian companies are by start-ups.
“The number of innovations have grown so much that the total number of innovations of three years have been achieved in six months. I am sure that the selected start ups will grow and become unicorns of the country. We will connect the start-ups funded by Gyan Circle Ventures to various funding opportunities through venture capitalists and angel investors,” he added.