Honeywell and SID expand partnership at IISc to support 13 new startups
HHSIF and SID have extended their partnership to support 13 new startups at the Indian Institute of Science, as per reported by PTI.
Honeywell Hometown Solutions India Foundation (HHSIF), the philanthropic arm of Honeywell India, and the Society for Innovation and Development (SID) have extended their partnership to support 13 new startups at the Indian Institute of Science (IISc), as per reported by PTI.
According to the news agency, this collaboration is extended to promote research and development (R&D) in deep science and fuel local innovation.
SID will give infrastructure support, access to the proper technology, mentoring, and human capital to these startups, while HHSIF will provide seed capital.
HHSIF stated in a statement on Monday that startups focused on R&D in deep science solutions were eligible for financing and support under this collaboration.
Startups with founders from marginalised groups or those working on solutions that have a direct impact on disadvantaged populations were given priority, according to the statement cited by PTI.
As a result, startups working on COVID-19 solutions, developing medical technologies to assist the elderly and differently-abled, developing eco-friendly specialty fluorescent dyes, developing rapid point of care diagnostics tools for use in limited-resource settings, and working on issues related to water, sanitation, and hygiene (WASH) have been selected for this round of funding.
"Our partnership with SID is an endeavor towards driving local innovation, fostering a dynamic startup ecosystem, and enabling job creation,? said Ashish Gaikwad, Managing Director, Honeywell Automation India Limited and Director, HHSIF.?We believe that this association with Honeywell will act as a catalyst for technological innovation and lead the way for more corporates to form incubation associations through the CSR route," said Professor B. Gurumoorthy, Chief Executive, SID, IISc.
According to the statement quoted by PTI, Honeywell and SID, IISc, formed a partnership last year to support six startups working on deep science solutions, especially in the healthcare sector.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.