CIE-IIITH, SucSEED to fund deep-tech startups
Early-stage formal VC funds and the structured support of such funds fix a serious gap in the tech startup ecosystem today
image for illustrative purpose
Our purpose under this partnership is to anticipate deep-tech trends and focus on them collaboratively as much as we can to shape their rapid growth through our experiences of supporting entrepreneurship --Vikrant Varshney, Co-Founder and Managing Partner, SucSEED Indovation Fund
Hyderabad: CIE (Centre for Innovation and Entrepreneurship) and IIIT Hyderabad, a deep-tech academic incubator in India, and SucSEED Indovation Fund, an Angel Fund registered with SEBI as Category-I AIF-VC Fund- Angel Fund have partnered to fund and support early-stage deep-tech startups through the accelerator programs of CIE (Centre for Innovation and Entrepreneurship).
SucSEED Indovation will be the investment partner of this program, and will jointly invest up to Rs 40 lakh in the pre-revenue stage of very promising deep technology startups in AI and other emerging technologies.
In the past 13 years CIE has helped over 300 startups to seed and scale. More than 40 startups actively engaged with the deeptech research labs of IIIT Hyderabad to build innovative technology solutions. CIE has invested more than Rs 10 crore in multiple startups at various stages in the form of equity investments and grants. CIE is well connected to the broader Deep Tech Ecosystem in Hyderabad and beyond.
Commenting on the association Prof CV Jawahar, CEO, CIE-IIITH said, "Early-stage formal VC funds and the structured support of such funds resolves a serious gap in the tech startup ecosystem today. Extremely glad to see SucSEED Indovation Fund filling this gap. We are happy to have partnered with SucSEED in our journey to support deep tech and research-based startups"
"There's lot of common synergy between us and CIE-IITH. As an early-stage fund, we are looking for sustainable innovative solutions around problem statements of the world and invest in startups, primarily from India, that could turn beneficial for people. Our purpose under this partnership is to anticipate deep-tech trends and focus on them collaboratively as much as we can to shape their rapid growth through our experiences of supporting entrepreneurship," said Vikrant Varshney, Co-Founder and Managing Partner, SucSEED Indovation Fund. SucSEED Indovation Fund has grown out of SucSEED Angels Network and IIITH Tech Ventures, an early-stage seed fund initiative started by CIE (Centre for Innovation & Entrepreneurship - IIIT Hyderabad Foundation).
IIITH Tech Ventures worked with seed-stage startups in CIE since 2017 and has secured huge success with those startups delivering great products to the market and has seen 4 exits already in the last 3+ years, with the decacorns & unicorns like Byju's, Ericsson and Muthoot Finance Ltd acquiring the startups from our portfolio.
