Warangal, Telangana, February 11, 2020: Technology Business Incubator SR Innovation Exchange (SRiX), Warangal, has disbursed the grant-in-aid to 8 start-ups under TIDE 2.0 Meity scheme. An amount of Rs 44 lakhs ( Rs 4.4 million) was awarded under the scheme in the presence of Dr AK Garg, Director, Innovation and IPR Division, MeiTY.
SR Innovation Exchange (SRiX), an official TIDE 2.0 centre in SR Engineering College, Warangal, with support from DST (Department of Science & Technology, Govt. of India), facilitated the grant through TIDE 2.0, an initiative of Ministry of Electronics and Information Technology (MeitY), under the Meity Startup Hub.The scheme promotes tech entrepreneurship through financial and technical support to incubators engaged in supporting ICT start-ups using emerging technologies such as IoT, AI, Block-chain, Robotics etc. in pre-identified areas of societal relevance.
The recipients of the grant were Varaha Innovation Studios and Technologies, Youcode intelligence Solutions, Oakmont RSM Info Solutions, Viben QR Innovations, Garudaastra Aeroinventive Solutions, Cloudchip Technologies, MHFICTIO Creations and Gryptrx Solutions. All these startups are incubated at SRiX Warangal.
Said Sreedevi Devireddy, CEO of SR Innovation Exchange: “These innovative award recipients epitomize the entrepreneurial spirit that is flourishing in the Startup community. We are delighted to play our part to facilitate these start-ups to pursue their dream ventures.We received around 80 applications, and had a tough time shortlisting the 8 winners. An amount of Rs 4 Lakh each to 4 start-ups, and another Rs 7 lakh each to 4 start-ups were disbursed to the winning ideas to provide the initial ignition needed for them to develop a market-ready product.”
Dr A.K.Garg said:“TIDE 2.0 is a scheme of GoI, aims to promote Tech Entrepreneurship. One of the objectives is to evolve an ecosystem to use emerging technologies for digital inclusion especially in Tier II & Tier III cities. It is so hearty to see that SRiX situated in this Tier II city Warangal is having such wonderful facilities for Research & Innovation. Some promising young minds are being supported today by SRiX under TIDE 2.0. I hope that it will establish an alternate economic hub in Telangana”.
The Guest of Honour, Venugopal Reddy Kandimalla, Senior Vice President, Global Head Healthcare and Lifesciences said “ I am very encouraged and happy to see start up’s using digital technologies to solve problems that are human-centric with far-reaching implications. Incubators like SRiX have a great role to play in encouraging entrepreneurship in rural India”.
SRiX provides the product designing, prototyping and testing infrastructure support for startups. It has a state-of-the-art precision component manufacturing capability ensure every innovator excel in accuracy, precision in metal works. Besides, CNC Lathe, CNC milling machines, Laser cutting machine are made available for innovators to manufacture products. They also have access to Pioneer brands in 3d printing like Markforged, Ultimaker Makerspace for innovators and power tools.
SR Innovation Exchange (SRiX)is a technology business incubator under the aegis of DST (Department of Science & Technology, GoI), includes a MakerSpace, Internet of Things Centre of Excellence, Rapid Prototyping facilities and other facilities to support product startups.