Nine start-ups incubated in the Indian Institute of Information Technology (IIIT) Sri City’s Gyan Circle Ventures have been granted funds. Three of the start-ups are run by women entrepreneurs.
Institute director and managing director of GCV G. Kannabiran said that over 60 applications were received for funding and mentoring support. GCV is the technology business incubator of the institute.
The start-ups selected are in the areas of energy, healthcare, wearable electronics, AI, ML and IoT. Each has been given a grant of ₹7 lakh to conduct research and development, testing and get certification within 12-18 months.
Chairman of the board of governors of the institute M. Balasubramaniam, who handed over the grant letters at a function in Chennai on Wednesday, said the start-up ecosystem contributed to the digitisation in the country.
It had been a watershed year for the start-ups that focused on deep tech. Start-up activity was noticeable in fields such as finance, health, education, agriculture, supply chain and logistics, he added.
