The Centre for Innovation and Entrepreneurship (CIE) of IIIT Hyderabad has won a ₹5-crore grant under the Startup India Seed Fund Scheme run by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
The CIE incubates early-stage technology startups in deep-tech areas such as artificial intelligence, machine learning, robotics and blockchain.
“The funds will enable proof of concept, prototype development, product trials, market entry and commercialisation by providing financial assistance up to ₹25 lakh to each of the startups,” a CIE statement said.
“We are targetting to support 20-25 startups in the next three years through this scheme,” it said.
“During the last 13 years, we have seeded several startups, and nurtured a few hundred startups,” PJ Narayanan, Director of IIIT-H, said.