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.
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“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.
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“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.
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