Software-industrial technologies enterprise Honeywell India has joined the expanding list of corporate backers in India backing technologies startups via several channels. The technologies key would be investing in deep science startups via a tie-up with Society for Innovation and Development (SID) – business interface of India’s hotbed for artificial intelligence study – Indian Institute of Science (IISc). The enterprise has currently deployed funds in six of SID’s Stem Cell deep science startup incubator which includes Azooka Labs, Protein Design, and PathShodh Healthcare operating towards Covid-19 connected options such as sample collection and transportation, accuracy of diagnostics, and so forth. The other 3 Siamaf Healthcare, Mimyk Medical Solutions, and HealthSeq Precision Medicine concentrate on options about cancer care, AR/VR platforms to train surgeons, and precision medicine respectively.
Google, Microsoft, Reliance, SoftBank Group, Samsung, Alibaba, Flipkart, Tencent, Reliance, Times Group, Qualcomm, Intel, Naspers, Target, and so forth., have been investing time, dollars, and sources in startups either in the kind of venture capital arms, household offices, in-home incubator/accelerators or investing on a standalone basis. Such association by corporates has been a international phenomenon exactly where MNCs companion with startups to imbibe the latter’s innovation and flexibility in their corporate structures. However, Honeywell India on Tuesday maintained that the chance to startups via the partnership with SID is “not related to the company’s core areas of work, but intended to address large, societal problems,” according to the enterprise statement. The investments into six startups are routed by means of Honeywell India’s corporate social duty programme.
“We see this partnership as a path to fostering a vibrant startup ecosystem, driving innovation to solve societal challenges, and opening up pathways for job creation and economic stimulation,” mentioned Dr. Akshay Bellare, President, Honeywell India in the statement. The enterprise didn’t disclose the quantity of startups to be funded ahead in a specific time period even as Honeywell India and SID added that they are at the moment evaluating a new crop of startups to assistance. Back in 2017, Honeywell had launched a new investment fund to invest in early-stage startups that are “strategically aligned to the company’s portfolio and software capabilities,” it had mentioned in a statement. It had also invested in logistics-tech startup FarEye.
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Deep science or deep tech is generically the term for contemporary technologies such as blockchain, AI, ML, AR, VR, robotics, massive information, photonics, and much more that are not focused on or cater to finish-user solutions. The deep science and deep technologies domain has remained grossly underfunded with only 4 per cent of the capital secured by e-commerce and fintech organizations going into deep tech startups throughout 2014-18, according to IISC’s Society for Innovation and Development. This has been mainly due to the lengthy gestation of 3-5 years to attain the market place, important upfront investment into study and improvement, weak study and improvement culture, and deficient small business capabilities. Most startups typically tap into government grants from BIRAC, AIM, MEITY, ELEVATE, and so forth., even as the quantum of funding is abysmally low for such startups.
Out of the funded startups, 3 are led by girls entrepreneurs, which includes Dr. Fathima Benazir, Co-founder and Chief Scientific Officer, Azooka Labs. The startup not too long ago won the National Startup Awards 2020 in the category of girls-led startups. It has also created a “safer and more stable viral transport medium, and working on a rapid, easy-to-deploy point-of-care diagnostic kit that will be useful for testing Covid-19.” IISCs Stem Cell incubator has incubated more than 40 deep science startups so far.