Supported by the Government of Maharashtra and Maharashtra Industrial Development Corporation, the event will be central for IoT (Internet of Things)-focussed startups to connect with seasoned mentors, angel investors, and venture capitalists.
Vikram Gupta, CEO & Managing Partner of IvyCap Ventures said, “IoT is among the hottest emerging technologies, with the most broad-based potential use-cases cutting across industries. According to the Ericsson Mobility Report, IoT will be a significant building block for the smart cities initiative in India.” He further added, “With RIOT, our intent is also to give a fillip to hardware-focussed startups and shine the spotlight on bright young entrepreneurs and their ideas in the IoT space.”
NASSCOM 10000 Startups and IvyCamp’s joint initiative seeks to facilitate interconnects among startups, investors, mentors and industry bodies.
The strategic alliance was announced in June 2016. It will look at developing strategies and initiatives to bolster the IoT movement including cultivating innovation, educating the investment community and fostering partnerships between industry and the startups
According to a company statement, the inaugural edition saw over 30 startups and 60 investors participating. Four startups were selected for the Maker’s Movement India, $1.1 Mn (INR 7.5 Cr) funding was awarded to three startups, while two were chosen for incubation at NASSCOM 10000 Startups. The event also saw participation from large corporates such as Tech Mahindra, TATA and Reliance. The Indian and foreign Government agencies such as Smart Cities Commission and Government of New South Wales and Government of Ecuador also participated in the event.
As per research by McKinsey Global Institute, the impact of the Internet of Things on the global economy is estimated to be $6.2 Tn by 2025. NASSCOM and Deloitte recently pegged the IoT market in India at $5.6B in 2016, growing to over $15B by 2020.
The event will be held on October 8 in Mumbai and will be hosted by Amazon.