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IIT Delhi to Invest in Deep Technology Startups; Plans to Invest Over $361 Mn

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IIT Delhi to Invest in Deep Technology Startups; Plans to Invest Over $361 Mn

The Indian Institute of Technology-Delhi (IIT-Delhi) is starting a program to back deep technology startups including artificial intelligence (AI) and machine learning to boost its research ecosystem, reported LiveMint quoting V. Ramgopal Rao, Director of IIT-Delhi.

With the upcoming program, IIT-Delhi aims to get benefits from startups’ research output, patent and to boost industry-academia collaborations.

The institute will select startups not older than 3 years and will provide them a comprehensive support for converting their idea into a startup, seed funding and connecting them with venture funds.

Startups focusing on connected intelligent systems, mixed reality, advanced materials, drug discovery and medical research, will be taken on board following a selection process by IIT-Delhi. The institute will prefer startups whose founders have a doctorate degree though the other founders with masters in technology, medicine, pharmaceuticals are invited by the institute.

Besides free workspaces and mentoring, the program offerings also include a fellowship and accommodation to the budding entrepreneur as well as funds for the development of proof of concept (PoC).

The institute has recently invited applications from innovators or startups working in deep technology domains for admission to Platform for Harnessing Deep technologies (PHD) incubation programme based out of IIT Delhi’s TechnoPark at the Sonipat Campus. The institute will support emerging futuristic technologies including connected intelligent systems (CIS), mixed reality, advanced materials, nanorobotics, drugs and vaccines; drug delivery systems) requiring advanced research and development.

Notably, IIT-Delhi has been talking about spending over spending ₹ 2500 crore (~ US$ 361.5 million) including the ₹ 1,000 crore IoE (Institute of Eminence) grant in enhancing its research facilities, physical infrastructure and outreach in the next five years. IIT Delhi was ranked third best institutions in India by a government ranking and has a place among top 200 universities in the world as per the QS World University Ranking.

It was in July last year when IIT Delhi — along with 5 other institutes including IIT Bombay — was put in the special category called “Institute of Eminence” by the Union Human Resource Development Ministry. Under the “Institute of Eminence” status, each institute will get a grant of ₹ 1000 crore over the next five years.

In August last year, IIT Delhi Alumni Association partnered with Venture Catalysts, an India’s first integrated startup incubator, to offer a holistic investor facilitation ecosystem to present and future investors from the institute.

In October, Clensta International, a Delhi-based biotechnology startup having shareholding with IIT-Delhi, had raised an undisclosed amount of seed funding from Indian Angel Network (IAN) and its maiden VC Fund, IAN Fund

[Top Image – source:Reuters | Via – Zeebusiness.com]

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Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

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