The programme will invest in the deeptech hardware or software domains, particularly startups building core intellectual property.
The accelerator programme aims to provide $500K-$1 Mn in funding to 5-8 selected startups.
Coinciding with the government’s draft deeptech policy, Small Industries Development Bank of India (SIDBI) announced a deeptech-focussed SIDBI Accelerator Fund in partnership with the IIM Ahmedabad
Delhi NCR-based deeptech enablement platform SanchiConnect has teamed up with early-stage VC fund YourNest Venture Capital for the the Velocity Fast Track Startup Funding Program, an accelerator deeptech startups in India
The programme will invest INR 30 Cr in up to eight startups in the deeptech hardware or software domains, particularly startups that are building core intellectual property in these areas.
The accelerator programme aims to provide $500K-$1 Mn in funding to 5-8 selected startups.
The 60-day program will culminate in a demo day for startups, where investors and stakeholders will have the chance to invest in the selected startups.
Founded in 2022 by Sunil Shekhawat and Baltej Singh, SanchiConnect claims to assist deeptech startups with fundraising, guidance and connecting them to global venture capital funds. The platform claims to have worked with over 2,100 deeptech startups till date.
Deeptech is seen as the next major frontier for the Indian tech and startup ecosystem, particularly when it comes to artificial intelligence and machine learning, electronic systems design, semiconductor manufacturing, quantum computing, and cybersecurity. Besides this, deeptech solutions will be key to solving problems in climate tech and healthcare in the future.
Among these areas, the Indian government’s biggest focus lately has been on semiconductor manufacturing and chip design, which is expected to receive a major boost from large Indian conglomerates such as Tata, as well as international players entering the Indian market.
In August 2023, the central government released the draft National Deep Tech Startup Policy (NDTSP), 2023, which is expected to become the foundation for a more robust deeptech policy. The draft envisages a minimum grant of INR 2 Cr at the proof-of-concept stage and a minimum of INR 3 Cr grant at the prototype stage.
The draft document claims to be aligned to the existing Startup India policies and will focus on nine key areas:
- Nurturing research, development and innovation
- Strengthening the intellectual property regime
- Facilitating access to funding
- Enabling shared infrastructure and resource sharing
- Creating conducive regulations, standards, and certifications
- Attracting talent pool and initiating capacity building
- Promoting procurement and adoption
- Ensuring policy and program interlinkages
- Sustaining deeptech startups
Besides SanchiConnect, a number of deeptech accelerators have come up in the past two years, hoping to back the early wave of innovation.
Coinciding with the government’s draft deeptech policy, Small Industries Development Bank of India (SIDBI) announced a deeptech-focussed SIDBI Accelerator Fund in partnership with the IIM Ahmedabad with an initial corpus of INR 40 Cr for pre-seed investments.
Nasdaq-listed cloud solutions provider NetApp’s Excellerator programme has been active since 2017 and announced its 11th cohort in mid-2023, consisting of deeptech startups Zluri, AppSenitels, RapL, PrivaSapien, Firefly, and Squadcast.
