RICH shortlists first cohort of diagnostic startups

RICH-AID is aimed at building a strong ecosystem of startups, innovators, hospitals, clinicians, and mentors to help startups get access to facilities, equipment, and expertise.

Hyderabad: Research and Innovation Circle of Hyderabad (RICH) shortlisted its first cohort of startups under the Acceleration Initiative for Diagnostics (AID) program, designed as a multi-stakeholder alliance to identify and nurture the best startups in the diagnostics space.

RICH-AID is aimed at building a strong ecosystem of startups, innovators, hospitals, clinicians, and mentors to help startups get access to facilities, equipment, and expertise. The program has been developed to help address the challenges faced by startups in the rapidly growing med-tech domain—ranging from the inability to access equipment, clinical samples, and research expertise to a lack of mentorship and difficulties in outreach.

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Ajit Rangnekar, director-general, RICH, said, “The Covid-19 pandemic has underlined the need for accelerated research in diagnostics followed by a rapid go-to-market for such innovations which can help us deal with such medical emergencies.”

“In Hyderabad, we already have a fertile ecosystem of industry, hospitals, clinicians, and mentors. With the AID program, we hope to bring all of these together in a manner that can best help young innovators convert their ideas into viable business propositions. This cohort is just the first of many such startups we hope to engage with and help transform the diagnostics space not just in Hyderabad but across India,” he added.

Originally announced on the 28th of January 2021, the AID program saw an enthusiastic response from entrepreneurs and startups across the med-tech ecosystem. A call for startups in the in-vitro diagnostics sector to sign up for the AID Programme attracted 76 applications received from India, Canada, the USA, and South Korea.

The 10 shortlisted startups include Hyderabad-based Aidia Health, Healthkon, Onward Assist and Sparcolife, Bengaluru-based Aikenist Technologies, Pune-based Briota Technologies, Kochi-based Medtra Innovative Technologies, New-Delhi-based Medzak Healthcare, Guwahati-based Primary Healthtech, and Toronto-based Enrich Bioscience.

The short-listed start-ups will receive benefits over the coming six months, including incubation at AIC-CCMB (Atal Incubation Centre – Centre for Cellular and Molecular Biology), access to testbeds under the Project Tej scheme at partner hospitals, access to test samples, and validation support.

They will also, based on their specific requirements, receive one-on-one mentorship from the top technical and business experts in the industry and vital connections with potential investors and industry organizations. The startups will also receive an acceleration grant of Rs 2 lakhs each. RICH has onboarded over 20 mentors encompassing various expertise areas.

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