iTIC Incubator, a technology business incubator (TBI) promoted by the IIT - Hyderabad and supported by the Department of Science and Technology (DST), has selected eight deep-tech start-ups from different States for its pre-incubation and incubation support programmes.
The incubator will invest ₹25 lakh each in six start-ups, including Learn and Empower (game-based learning platform for children with hearing loss); LiqSure Systems (a water purification system using hydrodynamic cavitation principal for grey water treatment); and Milatronics, which is building automated feeding system for aqua farmers.
Pranahita Biotrinics, which is developing AI-powered low-cost testing kits for Covid-19 and other viruses, has also been selected for the incubation programme.
The incubator will invest ₹10 lakh each in three start-ups, who have developed proof of concept for their products.
“Our aim is to provide a vibrant platform for the start-ups to convert their ideas into successful businesses,” Suryakumar S, Faculty-in-charge - Incubation, Innovation and Start-ups at IIT-Hyderabad, said.
Besides getting the fund, the shortlisted start-ups will get access to mentorship, co-working space, maker club and the investor ecosystem.
The seven-year-old incubator has, so far, supported over 100 start-ups through its pre-incubation, incubation and acceleration programmes. Besides providing a financial support of ₹5 crore, it helped the startups raise over ₹50 crore in funding. “The iTIC start-ups have generated more than ₹100 crore in revenues and created over 800 jobs,” an IIT-H statement said on Monday.