IvyCamp, an initiative of IvyCap Ventures, and NASSCOM 10000 StartUps under the aegis of CoE-IoT (Centre of Excellence in Internet of Things) have announced their third season of Rendezvous IoT (RIOT-3), supported by the Government of Maharashtra and Maharashtra Industrial Development Corporation.
The event which focuses on IOT, Artificial Intelligence, Machine Learning, VR and Hardware Space startups, will enable them to connect with corporates for potential orders, synergy, acquisition, acquihiring, funding and the likes. For corporates, it is an opportunity to tap into startups to identify solutions that could address their business problems.
The event is to be held on the 10th at the 91 SpringBoard office in Mumbai.
The earlier editions of the event, RIOT-1 and RIOT-2 witnessed hundreds of startups and investors participating in the event. The total amount of funding awarded has been over Rs 7.5 crores across both the editions.
The earlier editions also saw participation from large corporates such as Tech Mahindra, TATA, Reliance, etc.Indian and foreign Government agencies such as Smart Cities Commission and Government of New South Wales and Government of Ecuador also participated in the event.
The NASSCOM and IvyCamp’s alliance will look at developing strategies and initiatives to bolster the IOT movement in Indian StartUp Ecosystem including cultivating innovation, educating the investment community and fostering partnerships between industry and the startups.
Speaking on this occasion, Anju Gupta, President, and co-Founder – IvyCamp said, “IoT/AI/VR/Machine Learning is a massively untapped opportunity and market in India and Globally. Our Partnership with NASSCOM and activities like RIOT are focused on providing the focused support and connects that startups in these areas need. RIOT 1 and RIOT 2 connected startups with technical experts and investors. RIOT 3 is focused on the third much needed critical pillar of corporates, which can provide the real world application, market, and resources. This corporate- startup connection is also vital to educate our innovators on the real world problems corporates are trying to address – and through this, bring more practically driven innovation into our startup ecosystem.
Research by McKinsey Global Institute estimates the impact of the Internet of Things on the global economy will be $6.2T by 2025. NASSCOM and Deloitte recently pegged the IoT market in India at $5.6B in 2016, growing to over $15B by 2020.