-The programme to focus on start-ups in the field of deeper technologies-
1st April, 2016, Hyderabad: The International Institute of Information Technology, Hyderabad today launched one of the first accelerator programs focused specifically at the startups working in the field of deeper technologies. The program was launched in partnership with 50k Ventures, T-Hub and Co-creation Consulting. It is open for startups working on machine learning and AR/VR technologies like image and speech recognition and natural language processing.
“The institute has great strengths in areas of AI like natural language processing, computer vision, robotics, speech recognition, etc. These areas have advanced significantly in the recent years due to advances in computing power, data diversity, models, and machine learning techniques. The recent endowment of the Kohli Centre for Intelligent Systems at IIIT, Hyderabad by TCS has given a big push to these areas at the institute. The fruits of academic research should reach the society through startups who focus on products and services based on AI. It is my firm hope and belief that the proposed accelerator will help to make that happen in the coming years.”, said Prof. P J Narayanan, Director, IIIT Hyderabad
Also speaking on the occasion, Mr. Ramesh Loganathan, Board Member, IIITH Foundation said, “Deep-tech solutions are the answer to the more complex problems of modern technology. IIIT Hyderabad as a research institute enables a supportive atmosphere for startups working in areas of deep-tech. These startups would be hand-picked, funded and mentored by the resources of IIITH Foundation and its network through a structured programme. “
The accelerator program will be a structured 6 month program. The investment committee comprising of IIIT-H Foundation, 50k Ventures, T-Hub and other reputed VC’s, will select upto 10 startups over a period of one year. Each startup will be given a seed fund of 10 Lakhs INR where in IIIT-H Foundation and 50k Ventures will co-invest 5L INR 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 requirement of more seed funding for the start-up’s.
Talking about the accelerator program, Prof. VasudevVarma, Dean, IIIT Hyderabad, said, “Great research ambiance at IIIT Hyderabad will provide a huge advantage to all the technology startups and our accelerator program is designed to help entrepreneurs in creating USPs/advantages from technology perspective, making it difficult for competitors with high entry barriers and creating valuable intellectual property."
IIIT-H Foundation and Co-Creation Consulting will design and run the program and essentially play the role of coaches, providing mentorship to the selected startups. 50k Ventures will support the startups with funding during and after the program. Startups will also be able to avail the benefit of the large business mentor network of T-Hub. The programs will be customized for each start-up basis their location, their current stage. It is not mandatory for these start-ups to relocate to Hyderabad for the program. The application process will start on April 10, 2016 and the deadline is April 30, 2016.The names of the shortlisted startups will be announced on May 10, 2016.
For more information on IIIT Hyderabad: http://www.iiit.ac.in/
