Karnataka
FUNDING

Karnataka Government Sanction funds for 26 BioTech Startups

After Kerala, Odisha and Bihar, it’s Karnataka Government who took an initiative to promote state startups. The state government has awarded Rs 10 crore ($1.5 million) which will be granted to 26 biotechnology startups of the state for boosting innovation.

According to a press release from the government, the Department of IT and Biotechnology will support these startups to develop ideas, technologies and products that can have a significant impact on the lives of people.

The grant has been given under the Idea2PoC (proof of concept) programme – an initiative organised by the Karnataka Startup Cell, Department of IT and is implemented by the Bangalore Bioinnovation Centre (BBC), a Section 8 company set up by KBITS.

The 26 winners of the Idea2PoC (proof of concept), an initiative organised by the Karnataka Startup Cell, Department of IT, received cheques up to Rs. 50 lakhs (each) in the first tranche from the minister on Tuesday.

Priyank Kharge, Minister of IT, BT & Tourism, Government of Karnataka, said: ““Idea2POC offers entrepreneurs a holistic support system to explore, develop and launch their best ideas. The scheme is designed to identify, mentor and fund enterprising biotech startups in Karnataka who can create a deep social impact on the lives of people of Karnataka.”

The State unveiled its startup policy in November 2015 with an aim of nurturing 20,000 technology-based startups and 6,000 product-based firms. The Department of IT, BT said it intends to not only support with funding but also become a partner in their journey.

The 26 BioTech Startups selected are:

Bendflex Research & Development; Omix Research and Diagnostics Laboratories; Aprus Biomedical Innovations;Nesa Medtech; Janitri Innovations; Mallipathra Nutraceuticals; E2e Biotech; Biomoneta Research; Pentavalent Bio Sciences; Genespy Research Services; Bioinovatix Health Care India; Lumisoft Technologies; DF3D Creations; Dr Nagashetappa Biradar; Hanugen Therapeutics; Qtlomics Technologies; Terra Blue Exploration Technologies; Aspartika Biotech; Shanthanu Chakravarthy; Yostra Labs; Next Big Innovation Labs; Aindra Systems Private Limited; Jayachandra S. Yaradoddi; Viravecs Labs; G. R. Manjunath; Krimmi Biotech Llp. Read more about Indian Startup Ecosystem.

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Karnataka Government Sanction funds for 26 BioTech Startups
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