Incuspaze launches co-working space in Gurgaon, to incubate AI, IoT startups

30 Jan, 2017

Incuspaze, a Gurgaon-based co-working and incubation centre, will launch an incubation programme for startups in artificial intelligence, machine learning, IoT and big data, the company said in a statement on Monday.

The 6,000 sq ft centre was launched by UK-based angel investor Sanjay Choudhary last week.

Incuspaze will invest between Rs 1 -5 lakh in five to six startups in its batch, and will also offer parallel services such as marketing, accounting and legal.

"We are building a global self-sustainable ecosystem for startups and entrepreneurs. We are not only providing a co-working space, but also investor support, mentoring, allied services, global partnerships and to ensure peak performance for all startup founders," said Choudhary in the statement.

Choudhary said Incuspaze will enable startups to accelerate product/service development by implementing lean startup methodologies through calculated risk-taking. It shall also provide startups access to global and local investors. Incuspaze had previously opened co-working spaces in Lucknow and Indore, apart from Gurgaon. It is soon planning to launch in Mumbai, Jaipur, Cochin and Chennai.

Besides Incuspaze, Choudhary is also the founder and chief executive of CrowdInvest, a London-based crowdfunding platform, and has invested in Delhi-based startups Wishbells and Corseco, an AI-based visual search and video analytics firm that targets the retail sector.

Other incubators that have recently been in the news is the Nudge Foundation, backed by Infosys co-founder Nandan Nilekani, Tata Trusts and other industry heavyweights. The Foundation last week launched N/Core, an incubator for non-profit startups working towards poverty alleviation. It will invest more than Rs 50 crore over the next five years to incubate and support over 100 non-profit startups.

Earlier this month, early-stage venture capital fund advantEdge Partners appointed Ridhish Talwar to head its newly-formed incubator programme. The programme will have rolling admissions and will invest up to Rs 15 lakh upfront in every startup in exchange for 5-8% equity.

Last year, public sector lender, State Bank of India (SBI) announced an initiative to open an incubation centre for fintech startups.