Computer science focused educational research institute International Institute of Information Technology (IIIT)-Hyderabad and 50K Ventures has together signed an MoU to launch a new startup accelerator focused on technologies such as artificial intelligence, natural language processing, machine learning, augmented reality and virtual reality.
The programme named as ‘Avishkar’ is launched in partnership with 50K ventures, T-Hub and Co-creation Consulting and will be a 6-month duration accelerator program.
“The startups for the programme would be hand-picked, funded and mentored by the IIIT-H Foundation,” said Ramesh Loganathan, board member of IIIT-H Foundation.
Under the programme, the investment committee will select up to 10 startups over a period of one year. Each startup will be given a seed fund of 10 lakh, wherein IIIT-H Foundation and 50K Ventures will co-invest Rs 5 Lakhs each. The investment will be in the form of a convertible note, which is considered more startup friendly. Other partners will be taken on board in case there is a requirement of more seed funding for the startups.
The application process for nomination to programme will start on April 10 and close on April 30. Those shortlisted will be announced on May 10. Shortlisted products will get 10Lakhs funding (Convertible note).
The model is similar to one in the US where research universities spawn startups centered around technologies they develop.