The International Institute of Information Technology, Hyderabad (IIIT-Hyderabad), accelerator program Avishkar, has selected Fabulyst, Sastra Robotics, and Endless Robotics for its first batch.
Avishkar was launched in April 2016 in partnership with 50k Ventures, T-Hub and Co-creation Consulting. It is open for startups working on machine learning and AR/VR technologies like image and speech recognition and natural language processing.
Prof Vasudeva Varma, Dean of R&D at IIIT-H. “Avishkar will give these companies an edge by providing the required base of technology, mentorship, and initial funding.”
Related Article: IIIT Hyderabad Seed-funds Five Early Stage Startups With INR 10 Lakh
During the six-month program, the selected startups will work with the Avishkar team, the faculty members of IIIT-H Labs, and other partners to get a level of investment readiness by the time they graduate from the program.
The committee will select upto 10 startups over a period of one year. Each startup will get a seed fund of INR 10 Lakhs wherein, IIIT-H Foundation and 50k Ventures will co-invest INR 5 Lakhs each. Other partners will be taken on board in case there is requirement of more seed funding for the startups.
The accelerator program is looking to select up to ten startups over a period of one year.
Fabulyst is a team of data scientists, targets the online fashion indulgence market by trying to provide a personalised search experience to women.
Sastra Robotics develop robots that are capable of mimicking human hand capabilities.
Endless Robotics has built robots that can paint walls, providing a cheaper solution to real-estate owners.
The development was reported by ET.
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