IIIT-Hyderabad has announced the introduction of new seed fund network that will investment in startups within and outside its incubator. The funds will provide by tech professionals and successful entrepreneurs. However, the valuation of the funds hasn’t been disclosed yet.
The network will be early-stage seed funding for technologies driven startups in categories like machine learning, computer vision, robotics, AR/VR, natural language processing and other sub-domains of artificial intelligence among others.
The primary source of startups will be the various accelerator programs run by CIE@IIITH, and domain specific startups and seeding initiatives that will be taken up by CIE@IITH. Additionally, regular investment pitch days will be organised to scout for interesting early stage tech startups.
The Institution released a press statement quoting, “The venture capitalists who are senior industry leaders with extensive domain knowledge and peer networks will assist in creating a structure to support the start-ups and further enhance IIIT-H’s startup ecosystem.”
Centre for Innovation and Entrepreneurship of IIIT-H will run accelerator programmes as the primary source of the startups and would take up domain specific startups and seeding initiatives.
Hyderabad is going through its high these days, recently NASSCOM has decided to build a Center of Excellence for IoT in the city.
The seed funding initiative will be started in conjunction with five leading investors who will help structure and govern the fund. These include Vivek Verma, Vikrant Varshney, Ajay Jain, Anurag Garg and V V S N Raju.
This guidance and investment mentoring model will help startups to leverage the expertise of individual investors who will be joining this initiative and sharing their expertise in Sales & Marketing, Finance, Systems and Technology, Risk, legal & Compliance, Tax & Legal, Human Resources & Training.
Prof Ramesh Loganathan, Head of Research/Innovation Outreach, said, “We are proud to be recipients of this unique seed fund network. It’s a great opportunity for early stage investee tech startups to leverage the mentorship of Hyderabad’s captains of industry”. Read more about Indian Startup Ecosystem.