IIIT Hyderabad – The International Institute of Information Technology, has selected 3 startups Fabulyst, Endless Robotics and Sastra Robotics for its first batch for Avishkar an accelerator program.
Avishkar was launched in 2016 in partnership with T-Hub, 50k Ventures and Co-creation Consulting. All 3 startups will receive a seed funding of Rs 10 lakh in the form of a convertible note wherein 50K Ventures and IIIT Hyderabad Foundation will co-invest Rs 5 lakh each. For one year the committee will select upto 10 startups.
The selected startups will work closely with Avishkar team and faculty members of IIIT-H labs & other partners to get level of investment readiness by time they graduate from the program.
Prof Vasudeva Varma, Dean of R&D at IIIT Hyderabad said in a statement-
“Start-ups cannot survive and be successful unless they are hugely different in terms of technology. Avishkar will give these companies an edge by providing the required base of technology, mentorship, and initial funding.”
The 3 startups are Fabulyst, Endless Robotics, and Sastra Robotics. Fabulyst is a team of data scientists which targets the online fashion market by providing a personalized search experience to women. Endless Robotics makes products for automating painting in the real estate and construction industries. Sastra Robotics develops robots which are capable of mimicking human hand capabilities.
Endless Robotics also raised a funding of $100k on TermSheet.io a Chennai based investment platform. Individual investors and angel investment firms from India, Singapore and US took part in the funding.