India's leading technology accelerator & seed funding platform GSF has partnered with the corporate venture arm of Cisco to accelerate and fund 5 startups in 2015 that focus on cloud and internet-of-things (IoT).

The accelerator, which will be based in Bangalore, will shortlist the startups for a 16 week program, and will also provide each of them with $45,000-$50,000 (about Rs 28 lakh) in funding to each of the selected startups for an 8% stake. GSF also does follow-on rounds of up to $500,000 into a few select startups after the program.

Apply for GSFIndia IoT + Cloud Accelerator Program Here

Functioning as a "super-accelerator" by design, GSF IoT+Cloud offers founders four months to make the kind of progress typically accomplished in eight to twelve months. GSF IoT+Cloud is structured like a Hackathon. Products pivot several times as teams go through intense, often grueling Q&A sessions with mentors and entrepreneurs in residence. The result of this accelerator is an ecosystem created by the startups for the startups

During the 16-week period starting in March, the five selected startups will spend a month in Silicon Valley as well. GSF will also hold demo days for the startups in Bangalore, Singapore and San Francisco (US).

"India is now going through a mobile wave. We believe IoT will be the next wave. Along with Cisco Investments, we will help companies get access to global customers," said GSF founder Rajesh Sawhney, whose accelerator has funded 34 companies since its inception in 2012.

GSF said it will further invest in the portfolio companies along with Cisco after the programme.

Last year, Cisco Investments set aside $40 million (about Rs 249.63 crore) to invest in early-stage Indian startups focused primarily on three verticals -connected mobility, big data and internet-of-things.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.