IIIT Hyderabad’s incubator Avishkar, has seed-funded five early-stage startups with Rs. 10 lakh each, reported ET. This is the third batch of IIIT Foundation’s Avishkar Deep Tech Accelerator Program.
The accelerator would take about 2% equity stake in the startups by converting the seed fund into convertible debenture subscription accelerator.
Besides, the startups will also get access to the research labs and receive various customer development and mentoring support from IIITH Foundation’s partners and ecosystem associates.
The program has an investment partnership with 50K Ventures and business coaching from CoCreation Consulting.
Here are the startups that were chosen:
- Niche.ai, a visual informatics products supplier for computer vision ecosystem
- Blue Semiconductors, a semiconductor startup
- Authbase, a cybersecurity startup that utilizes machine learning
- DreamVu, a VR camera technology
- Docturnal, mobile apps developer leveraging AI/ML and spectral analysis
The program was started in June 2016 to accelerate growth of startups in machine learning, computer vision, robotics, artificial intelligence (AI), and Virtual Reality (VR)space.
[This development was first reported in ET.]