PSG STEP sanctions Rs 71 lakh to four start-ups in Coimbatore

PSG Science and Technology Entrepreneurial Park (STEP) has sanctioned Rs 71 lakh under the ‘Seed Fund Support Scheme’ to four technology start-ups in Coimbatore.

The start-ups include Ranga Enterprises, Joule Foods, Vestige Technologies India (P) Ltd and Infinite Solutions.

Ranga Enterprises is planning to use this seed fund to make coracle in thermo plastics using rotational moulding technology. “This technology will help protect the bamboo eco system, and result in saving of 5-7 lakh tonnes of bamboo sticks annually. The product has been tested and cleared by the Fisheries Department,’ says Mr K. Shivakumar, its promoter.

Joule Foods is into manufacture of millet-based cookies. The company is planning to establish a five tonne capacity cookie baking unit with financial support from PSG-STEP.

Vestige Technologies has developed a remote sensing and monitoring product for the oil and gas industry. The product, fixed along with transformer rectifiers, will monitor the cathodic levels and communicate the reading to the server, says its Managing Director, Mr G. Rammohan.

Mr Udayakumar Vasudevan of Infinit Solutions has developed an android-based tablet computer –‘Rap Tab’ – which is a data logging, real-time monitoring device that can be used in shop floor for gathering production data automatically. The seed fund would help commercialise the product, says Mr Vasudevan.

Each of these start-ups received 50 per cent of the sanctioned amount in the first round of funding. While Ranga Enterprises and Vestige Technologies received Rs 20 lakh each under the scheme, Joule Foods was sanctioned Rs 16 lakh and Infinite Solutions Rs 15 lakh.

Mr L. Gopalakrishnan, Managing Trustee, PSG Institutions, handed over the cheque for 50 per cent of the sanctioned amount to each of these start-ups in the first round of funding.

PSG STEP has supported more than 100 start-ups since its establishment in 1998. As many as 31 start-ups are operating from this park at present.

With financial support of Rs 3 crore from the Technology Development Board and National Science and Technology Entrepreneurship Development Board, Department of Science and Technology, Government of India, PSG STEP instituted the ‘seed fund support scheme’.

In the initial years, STEP focused on promoting IT start-ups but has since broad-based its incubation support to include mechanical, electronics, bio- technology and eco-friendly textile products as well, says its General Manager Mr K. Suresh Kumar.

Upcoming facility

Mr Gopalakrishnan said STEP was diversifying into electronics product development as well. PSG has earmarked 5,000 sq feet space for the Electronic Incubation facility. The facility, to be inaugurated in September, will have captive testing facility. NSTEDB has given a grant of Rs 1 crore for establishing the Electronics Incubation Centre, he said.

The Department of Science and Technology has given an Rs 15 cr project on nano technology. The project aims at development of cost-effective products.

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