Hyderabad-based AIC-CCMB bags Rs. 5.33 crore grant
Hyderabad: City-based Atal Incubation Centre–Centre for Cellular & Molecular Biology (AIC-CCMB) has been awarded the NIDHI-Seed Support System (NIDHI-SSS) grant of Rs 5.25 crore by the National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology (DST). The seed support is aimed at making sure timely availability of seed fund to deserving […]
Hyderabad: City-based Atal Incubation Centre–Centre for Cellular & Molecular Biology (AIC-CCMB) has been awarded the NIDHI-Seed Support System (NIDHI-SSS) grant of Rs 5.25 crore by the National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology (DST).
The seed support is aimed at making sure timely availability of seed fund to deserving start-ups. Under the scheme, start-ups can now can get financial support of up to Rs 25 lakh and in exceptional cases can be awarded Rs. 1 crore.
“Life-sciences is capital intensive field, especially because the development time is longer than any other sector. The time and money required for various validation and regulatory clearances for even bringing a product to the market puts a huge pressure on the entrepreneur. In the past three years of our operation, we have seen many life-sciences start-ups struggling to raise funds just to stay afloat. The grant will be able to support such start-ups,” CEO, AIC-CCMB, Dr N. Madhusudhana Rao said.
A selection committee would assess the projects for their relevance, marketability and deep science before they are deemed eligible for the seed support. So far, AIC-CCMB has successfully supported over 40 life science start-ups in the last three years.
“It’s important that we set structures for funding deep tech start-ups such as in life sciences. Their requirements are very different from those in IT. It is a welcome step that NSTEDB sees the importance of this and has launched the NIDHI-SSS,” said CCMB Director, Dr Rakesh Mishra.
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