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International Institute of Information Technology popularly known as IIIT Hyderabad is all set to begin seed fund network with an objective to invest in tech startups in its incubator and elsewhere. The institute did not announce the fund size but revealed that the institute would get funds from a network of investors that include successful entrepreneurs and technology professionals.
The institute is going to begin the seed funding in collaboration with five renowned investors who will play a significant role in structuring and governing the fund. These investors include VVSN Raju, Anurag Garg, Ajay Jain, Vikrant Varshney, Viveck Verna - renowned professionals and entrepreneurs.
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IIIT Hyderabad will make an investment in early stage tech startups that are involved in technologies like sub-domains of artificial intelligence, natural language processing, AR/ VR, robotics, computer vision and machine learning.
Different accelerator programmes run by Centre for Innovation and Entrepreneurship at International Institute of Information Technology, Hyderabad will be the primary source for these tech-based startups. Seeding initiatives and domain specific startups of the Centre will also act as a source.
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Co-Founder of DISRUPT Thinking, Mr. Viveck Verma explained that most of the startups are facing a lack of market reach, resources and mentoring. Therefore, early stage funding will enable these startups to come up with new ideas.
Prof. Ramesh Logananthan, Head of Innovation/ Research Outreach commented that the institute is proud to be the recipients of this unique seed fund network. The investment and guidance-mentoring model will help the students in leveraging the expertise of individual investors.
