Twelves startups have been selected by the Karnataka IT and Biotechnology Department on Wednesday, granted Rs 3.18 crore under the Idea2POC scheme. Each one gets between Rs 10-50 lakh as seed capital and additional funding will be in tranches as per the need through their business life cycle. These companies are working in robotics, biotech, communications, wireless safety devices and agri startups.
The Idea2PoC is a part of the country’s first multi-sector start-up policy, unveiled by the state government in 2015 to encourage entrepreneurs with funding to commercialise their innovation and scale the product.
Priyank Kharge, Minister for IT & BT, said, “The state is filled with young, talented and brilliant people, and it is our responsibility to ensure that these talents are recognized. These 12 startups were chosen because they have the potential to make a difference.”
The start-ups who received seed funding are Dr. Live Software, EasyKrishi, Lightmetrics, PiOctave Solutions, Geeksynergey Technologies, ispAgro Robotics, Astrome, Esyasoft, Geotraq Safety, NammaNimma Cycle Foundation, Sirena Technologies, and Selfdot Technologies.
“The government is targeting start-up companies in new and emerging technologies such as animation, artificial intelligence, big data, virtual reality,” said Salma K Fahim, Managing Director, KBITS. These companies can solve long standing problems, will provide numerous job opportunities and aid in the Make in India programme, she further adds.
Gaurav Gupta, Principal Secretary Department of IT, BT and Science and Technology said, “Start-ups in the fields of agriculture, biotech, security, communications, robotics, and gaming are springing up rapidly. Our vision is to promote and mentor these start-ups, and provide them with all the assistance they require to become self-sufficient.”
To recall, in March of this year Karnataka Government has funded eight tourism startups under the same Idea2POC Scheme and got grants ranging from Rs. 5 lakh to Rs. 50 lakh to develop ideas and products.