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Entertainment » Other

IIIT foundation admits 3-deep Tech startups into its Accelerator prog

Hyderabad, May 27 (UNI) : Continuing its journey to support deep-tech start-ups within the Indian Sub-continent, AVISHKAR, the start-up accelerator program of IIIT Hyderabad (International Institute of InformationTechnology, Hyderabad) , has progressed onto another important milestone.
The program received more than 140 applications out of which most were from India, but international applications were also received from countries like Germany, USA, Argentina, France and Spain among others, the institute said in a release here today.
These applicants were made to go through a rigorous selection process, out of which only 7 applicants made it to the pitch day.
Out of these 7, the top three 3 are ready to form the first batch for the 6-month long program.
The evaluation of the applicants was done by committee of experts from IIIT-H, Helion Venture Capital, Progress Software and 50K Ventures evaluated the finalists on the Pitch-Day held in IIIT Hyderabad on May 20.
AVISHKAR, is an accelerator program catering to start-ups in the domain of ‘Deep-Tech’ moulded out of IIIT-H Foundation, the technology business incubator arm of the International Institute of Information Technology, Hyderabad.
As a first, seed-fund will be offered in the form of convertible notes to significantly reduce the hassle faced by startups in the long run.
Speaking on the occasion, Prof. Vasudeva Varma, Dean (R&D) said, “The Start-up ecosystem in India is currently very vibrant. However, most of these ventures cannot survive and be 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 of technology, mentorship, and talent on a need basis in addition to initial funding.
Using our resources, our impact on start-ups should translate into substantial benefits while scaling and rapid internationalization of these ventures, ” the Dean added.
The program is facilitated by IIIT-H Foundation, IIIT Hyderabad, CoCreationConsulting and 50K Ventures.
The selected startups will work closely with the AVISHKAR team and the faculty members of IIIT-H Labs and other partners over the next 6 months to get to a level of investment readiness that will launch them to the next stage of their journey.
The next batch of applications for the second phase of Avishkar will start in the month of September 2016.
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