With an aim to accelerate startups that focus on cloud and internet-of-things (IoT), GSF Accelerator, a tech startup platform in India has collaborated with Cisco Investments to launch a pioneering Accelerator program for innovative startups in India. Cisco Investments is a corporate venture arm of networking gear maker Cisco.
Internet of Things startups refer to young companies with products that allow data to be transferred across a network without “human-to-human” or “human to computer” interactions.
Speaking on the this tie-up, Rajesh Sawhney, Founder of GSF Accelerator said, “GSF Accelerator is a pioneer in the startup accelerator space. With this tie-up with Cisco, we provide a unique and unparalleled proposition to the innovative Indian startups in the high potential sector of “Internet of Things” and Cloud computing. This program is tailored to provide world-class mentoring and unmatched global access to Indian startups. ”
The accelerator program will look at both hardware and software platforms. During the 16-week period starting from March 25. GSF said it will provide $45K in funding to each of the selected startups for an 8% stake. The Accelerator will be based in Bangalore and the five selected startups will spend a month in Silicon Valley, US. Applications for this program open from Feb 19 through March 10. GSF will hold “Demo Days” in Bangalore, Singapore and San Francisco.
Amit Phadnis, president of engineering and Cisco India site leader said, “Cisco’s deep engineering presence in India along with global engineering teams will play a key role in mentoring entrepreneurs in internet-of-things and cloud technologies.”
According to the market reports, IoT has the potential to transform businesses everywhere by harnessing the convergence of sensors/devices, cloud and ubiquitous connectivity and integrating them with people, processes and applications.
The world is expected to see 50 Bn new interconnected devices by 2020, and these will power solutions from smart homes to smart cities to initiatives like Digital India and its host of services.
Cisco is helping build the global IoT/Cloud ecosystem with large companies and with startups who will bring these products and solutions to reality. Last year, Cisco Investments allocated $40 Mn to invest in early-stage Indian startups focused primarily on three verticals – connected mobility, big data and internet-of-things.
Recently, Intel Capital, the venture capital arm of US-based chipmaker Intel Corp. has also announced to invest in Indian startups working on the Internet of Things (IoT) in 2015.
GSF is a growing Tech Startup platform in India, founded in 2012 by India-based Angel Investor, Rajesh Sawhney. GSF has funded 33 startups in 3 batches since its inception.