To encourage startups working in deep domain technology, the International Institute of Information Technology, Hyderabad (IIIT-H) launched one of the first accelerator programme named ‘Avishkar’.
The programme launched in partnership with 50K ventures, T Hub and Co-creation Consulting will be a 6-month programme and will be open for startups working on machine learning and AR/VR (Augmented and Virtual Reality) technologies like image and speech recognition and natural language processing.
“The programme is designed to help entrepreneurs,” said IIIT dean while giving the information to the media.
“Deep-tech solutions are the answer to the most 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 IIIT-H Foundation, he said. 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,” said an official of IIIT.
“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,” he added further.
“There are deep problems existing in the society and nobody is ready to tackle these issues. With this program, we would encourage startups working on deeper issues and they will be able to avail the benefit of the large business mentor network of T-Hub,” said another official of IIIT H.
The application process will start on April 10 and close on April 30. Those shortlisted will be announced on May 10.