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CIE-IIITH, SucSEED join hands to invest in deep tech startups

Our Bureau Hyderabad | Updated on June 07, 2021

Both entities will invest up to ₹40 lakh in pre-revenue stage of the startups

Centre for Innovation and Entrepreneurship-IIT-Hyderabad (CIE-IIITH), a deep tech academic incubator, and SucSEED Indovation Fund, an Angel Fund registered with SEBI as Category-I AIF-VC Fund-have joined hands to fund and support early-stage startups. SucSEED will be the investment partner and jointly invest up to ₹40 lakh in the pre-revenue stage of promising deep technology startups in AI and other emerging technologies.

In the past 13 years, CIE has helped over 300 startups to seed and scale. More than 40 startups are actively engaged with the deep tech research labs of IIIT Hyderabad to build innovative technology solutions. CIE has invested over ₹10 crore in multiple startups at various stages in the form of equity investments and grants.

Also read: Early stage start-up founders, investors bullish on near-term growth

Prof. CV Jawahar, CEO, CIE-IIITH said, "Early-stage formal VC funds and the structured support of such funds resolves a serious gap in the tech startup ecosystem today. We are happy to have partnered with SucSEED in our journey to support deep tech and research-based startups"

"Our partnership will help collaborate and help shape their growth through our experience of supporting entrepreneurship," said Vikrant Varshney, Co-Founder & Managing Partner, SucSEED Indovation Fund.

SucSEED Indovation Fund has grown out of SucSEED Angels Network and IIITH Tech Ventures, an early-stage seed fund initiative started by CIE.

IIITH Tech Ventures have worked with seed-stage startups in CIE since 2017 and has seen startups delivering products to the market. It has seen 4 exits in the last over 3 years, with the likes of Byju’s, Ericsson and Muthoot Finance Ltd acquiring the startups from it’s portfolio.

Published on June 07, 2021

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