SP-TBI raises Rs 10 cr from govt to support startups

SP-TBI raises Rs 10 cr from govt to support startups
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22 Oct, 2019

Mumbai-based Sardar Patel Technology Business Incubator (SP-TBI) has raised Rs 10 crore from the department of science and technology under the National Initiative for Developing and Harnessing Innovations – Seed Support System (NIDHI- SSS) scheme.

The funds will be used for seed funding of startups, a statement from SP-TBI said.

The NIDHI-SSS scheme is a programme developed by the innovation and entrepreneurship division of the department of science for nurturing ideas and innovations into successful startups.

The scheme is aimed at ensuring timely availability of seed support to deserving incubated startups, thereby enabling them to take their venture to the next level and facilitate their success in the marketplace, the statement added.

SP-TBI has aided over 50 technology ventures, more than 75 founders in establishing their business models and has provided close to 800 full-time jobs along with over 400 student internships till date.

It also has an advanced tech lab that offers 3D printers, augmented reality/virtual reality (AR/VR) setup, latest high computing machines and different operating systems and related accessories.

The startups incubated by SP-TBI include:

WorkIndia: a platform connecting blue and grey collar employees to employers using algorithms. 

Inspilearn Education: a student’s personal learning assistant app that gives instant solutions by scanning an image. 

Quidich: aerial cinematography and aerial sports broadcast company. 

Liminal: a creative tech company that offers solutions and services in augmented AR/VR.

Embedos Engineering: a one-stop solution for all automation technology needs through custom embedded and internet of things (IoT) solutions.

SP-TBI had last raised seed funding from SICOM, a financial institution majority-owned by the Maharashtra government, and has invested in five startups.