Panasonic Partners 100X.VC To Launch Accelerator, Back Energy Management Startups

Panasonic Life Solutions India and Panasonic Corporation have partnered with seed stage investor 100X.VC to launch startup accelerator programme Panasonic Ignition. The programme aims to mentor, guide, and fund early to mid-stage startups that are creating energy management solutions for commercial and residential segments.

Through this programme, Panasonic and 100X.VC aim to support young entrepreneurs and provide them with investment, masterclasses, expert mentorship, product strategy and growth plans. 

The programme will help the selected entrepreneurs build innovative technologies and products while solving real-life challenges related to energy management in spatial infrastructures.

In 2022, the tech giant launched Panasonic KURASHI Visionary Fund (PKVF) to invest in early to mid-stage startups across Japan, Europe and India. The initial corpus of the fund is $55 Mn (INR 450 Cr). 

Commenting on the idea behind the initiatives, Panasonic’s India and South Asia chairman Manish Sharma said, “Panasonic, now, wishes to also be a dominant player in the Indian startup ecosystem supporting Indian entrepreneurs and contributing to the growth of the Indian economy.” 

Panasonic Corporation’s chief transformation officer Kunio Gohara said, “Panasonic Ignition represents a strategic investment approach that delivers mutual advantages to startups and the broader market and society within which they operate.” 

The startups will be able to leverage Panasonic’s experience and expertise in the development of innovative products, thereby boosting their competitiveness and growth potential. 

“With the launch of this programme, Panasonic is committed to fostering innovation by investing in early to mid-stage stage startups, simultaneously, enabling us access to cutting-edge technologies that complement and enhance our core business by tapping into new products, markets, customers and emerging opportunities,” Gohara added. 

As per Inc42’s India’s Startup Investor Landscape Report 2023, there are more than 300 startup accelerators and incubators in India and this number is expected to cross the 450 mark by 2030.

In the past few months, several Indian and international corporates and startups have launched incubator and accelerator programmes to back startups. 

For instance, Game development major Krafton announced the launch of its incubator programme titled KRAFTON India Gaming Incubator to support early stage gaming startups with primary investment and mentorship. 

The launch of such programmes come at a time, when seed funding has gone down drastically for Indian startups. According to Inc42’s Indian Tech Startup Funding Report Q3 2023, Indian startups raised about $159 Mn in seed stage funding across 129 deals during the quarter, a year-on-year decline of 55% and 22%, respectively.