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French firm Starburst Accelerator SARL partners with IIT Madras to set up €100M Startup Hub

IndianStartupNews

IndianStartupNews · 1y ago

French firm Starburst Accelerator SARL partners with IIT Madras to set up €100M Startup Hub

French aerospace leader Starburst Accelerator is partnering with Indian Institute of Technology Madras (IIT Madras) to establish an innovative hub for startups in India's Aviation, Space, and Defence (ASD) sectors. The partnership, backed by a €100 million investment, aims to create venture capital funds for ASD technology startups and drive technological innovations in the industry. Through the collaboration, startups will receive support, coaching, and mentoring to scale their businesses in the aerospace and defence sector. The initiative aims to make India a global hub for ASD innovation and support the growth of startups in the sector.

Related News

Starburst accelerator SARL to set up innovation hub in IIT Madras

Economic Times

Economic Times · 1y ago

Starburst accelerator SARL to set up innovation hub in IIT Madras

Indian Institute of Technology (IIT) Madras has partnered with Starburst Accelerator SARL, a French aerospace and defense firm, to establish an innovation hub for startups in India. The collaboration aims to strengthen the aviation, space, and defense ecosystem by providing accelerator programs and funding support of €100 million. The partnership will also help Indian startups explore international markets and connect with corporates, investors, and governments through Starburst's global network. The initiative seeks to fuel entrepreneurship and innovation in the aerospace and defense sector, positioning India as a hub for innovation on the global stage.

IIT Madras, Starburst To Set Up Accelerator For Aviation Startups

Inc42 · 1y ago

IIT Madras, Starburst To Set Up Accelerator For Aviation Startups

The Indian Institute of Technology (IIT) Madras has partnered with French aerospace company Starburst Accelerator SARL to establish an innovation hub for startups in the aviation, space, and defence (ASD) sector. With a funding of 100 million euros, the initiative aims to mentor emerging Indian startups and help them raise external capital and accelerate development. The accelerator program will provide business tools for startups to scale up, promote exports, and explore international markets. The collaboration is part of India's efforts to reduce imports of defence equipment and support the indigenous production of defence technology.

IIT-Madras to provide funds to incubate sports-tech startups

Economic Times

Economic Times · 1y ago

IIT-Madras to provide funds to incubate sports-tech startups

IIT-Madras is offering funding of up to Rs 5 crore to support sports-tech start-ups in India. The focus will be on AI and IoT-based products, including sensors, networks, and controllers. The funding will be provided by the IIT-Madras Pravartak Technologies Foundation and the IIT Madras Centre of Excellence in Sports Science and Analytics. The areas of interest are media and entertainment, fan engagement, athlete performance enhancement, esports, sports data analytics, sports education, sports commerce, and sports communities. Interested start-ups can apply through the provided link, and the shortlisted ones will present their business during the IIT Madras Sports Technology Start-up Conclave in June. The investment support will range from Rs 10 lakh to Rs 50 lakh per start-up, based on business potential.

Hyundai, IIT-M join hands to set up Rs 180 cr hydrogen research hub in TN

Economic Times

Economic Times · 7d ago

Hyundai, IIT-M join hands to set up Rs 180 cr hydrogen research hub in TN

Hyundai Motor India, in collaboration with IIT Madras and the Tamil Nadu government, is establishing the Rs 180-crore 'Hyundai HTWO Innovation Centre' at IIT Madras’ Discovery Campus. Launched by Tamil Nadu Industries Minister T R B Rajaa, the center aims to advance innovation in green hydrogen technology. Scheduled to open in 2026, it will serve as an R&D hub focusing on hydrogen solutions, promoting local innovation, and contributing to India's sustainability goals, aligning with global carbon neutrality efforts.

Hyundai to invest $7M in battery, electrification research with IITs

YourStory

YourStory · 7m ago

Hyundai to invest $7M in battery, electrification research with IITs

Hyundai Motor Group has partnered with three Indian Institutes of Technology (IIT) to establish a collaborative research system in the fields of batteries and electrification. The group, which will invest $7 million over five years, has joined forces with IIT Delhi, IIT Bombay, and IIT Madras. The Hyundai Center of Excellence will be set up within IIT Delhi and will focus on driving advancements in batteries and electrification that meet the unique requirements of the Indian market. The collaboration will also facilitate exchanges between battery and electrification experts from Korea and India.

IIT Madras Raises INR 513 Cr To Invest In R&D, Tech Deployment

Inc42 · 1y ago

IIT Madras Raises INR 513 Cr To Invest In R&D, Tech Deployment

The Indian Institute of Technology Madras (IIT Madras) has raised INR 513 Cr in the financial year 2023-24, setting a record for the highest funding raised by an academic institute in a year. The funds will be utilized for technology research, deployment of existing technology for societal needs, scholarships for deserving students, and infrastructure development. The funds were contributed by IIT Madras alumni, individual philanthropists, corporate social responsibility (CSR) funds, and grants from Indian and multinational corporate firms. The institute also received pledges of INR 717 Cr from alumni and corporate partners.

VCs flock to Chennai as IIT Madras helps deeptech take root

Economic Times

Economic Times · 1m ago

VCs flock to Chennai as IIT Madras helps deeptech take root

Venture capitalists are increasingly visiting Chennai as it becomes a hub for deep-tech funding, driven by IIT Madras's incubation ecosystem. With success from its manufacturing roots and proximity to Bengaluru, Chennai offers a convenient destination for investors, leading to faster deal closures. In 2024, startups here raised $795.88 million across over 95 funding rounds. Enhanced by the state-supported iTNT Hub's efforts, IIT Madras is recognized for pioneering deep-tech initiatives, attracting constant VC attention.

Chennai will be an AI hub of India soon, says Uniphore’s CEO Umesh Sachdev

Money Control

Money Control · 1y ago

Chennai will be an AI hub of India soon, says Uniphore’s CEO Umesh Sachdev

Uniphore, an AI unicorn, has announced the establishment of its first India AI Innovation Hub in IIT Madras Research Park, Chennai. The hub will support Uniphore's global operations in gen AI and emotion AI research and engineering. With a focus on knowledge AI, emotion AI, and generative AI, Uniphore aims to drive enterprise AI growth and innovation. This move highlights Chennai's potential to become an AI hub in India, alongside its reputation as a hub for enterprise SaaS talent. Uniphore already serves over 1,500 enterprise customers worldwide and recently entered the Unicorn league with a valuation of $2.5 billion.

Want India to set example of how to use AI for social development: Sunil Wadhwani

Economic Times

Economic Times · 1y ago

Want India to set example of how to use AI for social development: Sunil Wadhwani

Sunil Wadhwani, co-founder of IGATE and Mastech Digital, has emphasized the need for India to develop a strong research and education ecosystem in AI and data science to avoid falling behind in the AI race. Wadhwani recently signed an MoU with IIT Madras to establish the Wadhwani School of Data Science and AI, contributing Rs 110 crore towards the initiative. He aims for India to become a global leader in utilizing AI for social development, with IIT Madras playing a crucial role in achieving this goal. The school will offer various degree programs and is set to commence admissions in July 2024.

Microsoft-backed AI4Bharat researchers to raise $12 mn: Report

Inshorts · 2y ago

Microsoft-backed AI4Bharat researchers to raise $12 mn: Report

AI researchers from AI4Bharat, an initiative by IIT Madras, are seeking to secure $12 million in funding from Peak XV Partners and Lightspeed Venture Partners to establish a new AI startup called Sarvam. The startup aims to develop specialized large language models tailored to India-specific applications. AI4Bharat is supported by Microsoft and NVIDIA, providing further backing to the venture.

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