IIIT-H’s CIE, SucSeed to invest in deeptech startups
Both the entities will look at investing up to Rs 40 lakh in pre-revenue stage in promising deep technology startups in AI and other emerging technologies.
Hyderabad: IIIT-Hyderabad’s Centre for Innovation and Entrepreneurship (CIE-IIITH) along with SucSeed Indovation Fund will fund and support early-stage deep-tech startups through the accelerator programme at CIE. Both the entities will look at investing up to Rs 40 lakh in pre-revenue stage in promising deep technology startups in AI and other emerging technologies.
While SucSeed Indovation will be the investment partner, CIE will select startups from its Avishkar accelerator and other programmes currently running at the centre. Through this collaboration, startups get to leverage the expertise of IIIT Hyderabad’s deeptech research acumen and tech capabilities, and get benefitted by business experiences of SucSeed’s mentors onboard. “They can further gain expertise in sales & marketing, finance, systems and technology, risk, legal and compliance, human resources and training. Ideas and hands-on mentoring from the two organisations will further help the founders to scale faster.
Commenting on the association Prof. CV Jawahar, CEO, CIE-IIITH said, “Early-stage formal VC funds and the structured support of such funds resolves a serious gap in the tech startup ecosystem today. We are happy to have partnered with SucSeed in our journey to support deep tech and research-based startups.”
In the past 13 years CIE has helped 300+ startups to seed and scale. More than 40+ startups actively engaged with the deeptech research labs of IIIT Hyderabad to build innovative technology solutions. CIE has invested more than Rs 10 crore in multiple startups at various stages in the form of equity investments and grants.
“There’s a lot of common synergy between us and CIE-IITH. As an early-stage fund, we are looking for sustainable innovative solutions around problem statements of the world and invest in startups, primarily from India, that could turn beneficial for people. Our purpose under this partnership is to anticipate deep-tech trends and focus on them collaboratively as much as we can to shape their rapid growth through our experiences of supporting entrepreneurship.,” said Vikrant Varshney, co-founder and managing partner, SucSeed Indovation Fund.
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