Hyderabad: Technology business incubator SR Innovation Exchange (SRiX), Warangal, disbursed the grant-in-aid to eight startups under TIDE 2.0 Meity scheme.
An amount of Rs 44 lakhs was rewarded under the scheme in the presence of Dr AK Garg, director, Innovation and IPR Division, Government of India, MeiTY. SRiX, an official TIDE 2.0 centre in SR Engineering College, Warangal, with support from DST (Department of Science & Technology, Government of India), facilitated the grant through TIDE 2.0, an initiative of Ministry of Electronics and Information Technology (MeitY), under the Meity Startup Hub.
The scheme promotes tech entrepreneurship through financial and technical support to incubators engaged in supporting ICT startups using emerging technologies such as IoT, AI, Block-chain, Robotics etc. in pre-identified areas of societal relevance.
The recipients of the grant were Varaha Innovation Studios and Technologies, Youcode intelligence Solutions, Oakmont RSM Info Solutions, Viben QR Innovations, Garuda Astra Aeroinventive Solutions, Cloudchip Technologies, MHFICTIO Creations and Gryptrx Solutions.
Speaking on the occasion, Sreedevi Devireddy, CEO of SR Innovation Exchange said “These innovative award recipients epitomise the entrepreneurial spirit that is flourishing in the startup community.”
“We received around 80 applications, and had a tough time shortlisting the eight winners. An amount of Rs 4 lakh each to four startups, and another Rs 7 lakh each to four startups were disbursed to the winning ideas to provide the initial ignition needed for them to develop a market-ready product,” Sreedevi added.
Dr A K Garg in his address said, “TIDE 2.0 is a scheme of Government of India, which aims to promote tech entrepreneurship. One of the objectives is to evolve an ecosystem to use emerging technologies for digital inclusion especially in Tier II and Tier III cities. Some promising young minds are being supported today by SRiX under TIDE 2.0. I hope that it will establish an alternate economic hub in Telangana”.
Sharing the details on the technologies the winning startups are working on, Sreedevi stated, “It is quite diverse from mixed reality, AI/ML & data analytics, blockchain, internet of things to drone technology. Six startups have women co-founders and noteworthy is three of the winners are student startups of Warangal region.”
Venugopal Reddy Kandimalla, senior vice president, Global Head Healthcare and Lifesciences at Tech Mahindra said, “Incubators such as SRiX have a great role to play in encouraging entrepreneurship in rural India.”
SRiX provides the product designing, prototyping and testing infrastructure support for startups. It has a precision component manufacturing capability to ensure every innovator excel in accuracy and precision in metal works. Besides, CNC Lathe, CNC milling machines, Laser cutting machine are made available for innovators to manufacture products. They also have access to pioneer brands in 3D printing such as Markforged, Ultimaker Makerspace for innovators and power tools.
SR Innovation Exchange (SRiX) is a technology business incubator under the aegis of DST (Department of Science & Technology, GoI), which has MakerSpace, internet of things Centre of Excellence, rapid prototyping facilities and other facilities to support product startups