05 Apr IIIT-Hyderabad Launches Avishkar to Accelerate ‘Deep Domain’ Startups
It looks like there are a lot of good times ahead for deep domain Startups. IIIT-Hyderabad in association with 50K Ventures, T-Hub, and CoCreation Consulting has kick-started its all new accelerator program ‘Avishkar’ on April 1, 2016. With this, the way we perceive Startups working with AI, IA, and AR/VR is soon going to transform. This domain will witness a major boost in terms of funding, mentorship, community, support etc.
This 6-month long program would take 10 potential Startups on board in the first year, with 5 startups each in a batch. The selected startups will receive a seed funding in the form of convertible notes for an amount of 10-20 lacs. This is considered to be a highly interesting path for startups as no time would go futile on the valuation of the startups. Instead, the startups can work on developing real-time solutions. They will be closely mentored by the IIIT-Hyderabad foundation members through a well-formulated program.
It is said that at least nine of the 28 startups currently at CIE are already working on complex technologies. The center has supported 92 startups since 2008 of which 10 have successfully raised external funding of Rs 23 crore while four have seen exits. (Source: Livemint)
Sanjay Enishetty, Managing Partner, 50K Ventures has further added that at the end of the program, the startups and their products will be presented to myriad Venture Capitalists which would offer them with a golden opportunity to raise more funding.
50K Ventures is extremely excited about this association and we cannot wait to witness the groundbreaking products that would be built by the startups at Avishkar.
Avishkar is accepting applications from the 10th of April and the first batch would begin on the 15th of May.
To know more, visit Avishkar at http://iiith.org/index.html.
In the media: You can visit the following links to know what major newspapers and national media is talking about Avishkar:
Avishkar is a niche accelerator that focuses on technologies such as artificial intelligence and machine learning.
– Hindu Business Line
Each startup will be given a seed fund of `10 lakh, wherein IIIT-H Foundation and 50K Ventures will co-invest .
– New Indian Express
The 6 month accelerator program would include investment committee of IIIT-H Foundation, 50k Ventures, T-Hub and other reputed VC’s.