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INR 2.5 Cr funding won by Social Startups from IIITH's social incubator AIC-IIITH

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INR 2.5 Cr funding won by Social Startups from IIITH's social incubator AIC-IIITH
  • Social Startups supported by AIC-IIITH, IIITH’s social incubator have won INR 2.5 Cr funding support from Government of India and showcased at various G20 startup meetings.
  • Two startups from green energy and animal husbandry space have been selected for INR 1 Cr each from AIM, NITI Aayog’s ANIC and accessibility tech startup for INR 50 lakhs of BIRAC’s BIG grant.
  • AIC-IIITH, which supports tech-based Social Startups has supported 41+ social startups and facilitated creation of 300+ jobs and INR 2+ Cr of funding.

We need to move toward achieving sustainable and inclusive growth to help India achieve UN Sustainable Development Goals (UN SDGs). As part of this Atal New India Challenge (ANIC) a flagship program of Atal Innovation Mission (AIM), NITI Aayog, has selected AIC-IIITH’s Social Startups Jivoule Biofuels, a Hyderabad-based green energy company and Verdant Impact, a Jaipur-based animal husbandry platform for funding of INR 1Cr each. This amount will be disbursed after the startups successfully complete the due-diligence process.

A big part of achieving SDGs also included supporting People with Disabilities. Recognizing this, AIC-IIITH’s SunQulp Tech has been selected for a grant of INR 50 Lakh from Biotech Ignition Grant (BIG), the largest early-stage biotech funding programme in India. BIG is the flagship programme of Biotechnology Industry Research Assistance Council (BIRAC), Department of Biotechnology.

AIC-IIITH’s vision is “Catalyzing Sustainable Development Goals (SDGs) using technology to become a thought leader in the space of technology for social impact.” This aligns with ANIC’s aim “to seek, select, support and nurture technology-based innovations that solve sectoral challenges of national importance and societal relevance.” Similarly BIG which seeks ‘provides the right admixture of fuel and support to young startups and entrepreneurial individuals’ align with AIC-IIITH’s goals to “Validate prototypes and business models to help move India ahead in achieving the U.N. SDGs.” Thus, AIC-IIITH’s tech-based social startups are a perfect fit for these programmes.

Jivoule Biofuels founded by Chandrasekhar Nandigama is working to set up a compressed biogas plant in Hyderabad. They recently started operating a biogas-based power generation plant in Tirupur.

Verdant Impact run by Founder and CEO Manish K. Prahlad is a full-stack animal husbandry platform. The platform provides farmers with backward and forward linkages for purchase and sale of livestock and services like Animal ICU, a digital livestock healthcare ecosystem.

SunQulp started by the team of Amit Panwar (Founder) and Dushyant Kumar (Co-Founder) have created SmartVest, a low-cost, one of its kind, unique navigation solution for the visually impaired people to help them in their movement. It is a wearable vest that guides the wearer while walking by talking to them in human voice and gives them real-time information about their path and the obstacles to avoid, helping them go places with confidence.

Congratulating the Startups, Prof. Ramesh Loganathan, Director of AIC-IIITH said, “This financial investment by AIM and BIRAC in AIC-IIITH startups validates and reaffirms our approach of seeking to support the use of technology by social entrepreneurs to tackle pressing social and environmental challenges faced by India.”

Jivoule Biofuels was part of AIC-IIITH’S Raftaar – Covid Acceleration Program supported by EPAM Systems as part of its ESG commitment. Verdant Impact and SunQulp Tech are part of the 3rd cohort of Akash, AIC-IIITH’s Flagship Incubation Program.

AIC-IIITH’s Startups Jivoule Biofuels, Verdant Impact and Next Skills 360 were also part of various G20 startup meetings organized by the government across India.

AIC-IIITH Foundation, social tech incubator of IIITH, runs multiple cohorts of social startups under various programs like Akash, flagship incubation program and Dhanush Micro Incubation program. AIC-IIITH has also run programs funded by various corporate partners like EPAM, HDFC and Pernod Ricard India Foundation, providing grants to startups. Till date AIC-IIITH has supported 41+ startups, created 300+ jobs and facilitated INR 2+ Cr of funding in diverse social impact sectors like Medtech, Agritech, Greentech, Climate, Edtech etc. AIC-IIITH startups raised INR 75+ cr in funding till date.

About AIC-IIITH Foundation is an Atal Incubation Center set up exclusively for incubating and supporting tech-based social enterprises. It seeks to deploy entrepreneurial energy and technological innovation for social impact to help India achieve the SDGs. Supported by the Atal Innovation Mission, NITI Aayog, Government of India, AIC-IIITH FOUNDATION also seeks to nurture the social enterprise ecosystem by acting as a platform for sharing ideas and insights. With over 10,000 sq. ft space consisting of co-working spaces, conference room, meeting space and other facilities, AIC-IIITH FOUNDATION aims to provide collaborative space to entrepreneurs. These benefits are further enhanced by the multiplying effect of agglomeration effects and network effects of being situated in the Centre for Innovation and Entrepreneurship (CIE), IIIT-Hyderabad, which is a cluster of incubation centers, research labs and resources.

About CIE IIIT Hyderabad: IIIT Hyderabad is the first IIIT to be set up in the country, in 1998. IIIT Hyderabad is a research university that ranks in the country for research in various areas of computer science. IIITH also strongly emphasises on translating research into products and startups. To enable this, the Centre for Innovation & Entrepreneurship (CIE) was set up in 2008, which has since grown to be the largest academic incubator in the country. The Centre has very active programs across the spectrum of a startup journey. Entrepreneurship courses and workshops for students, Product Labs to seed new products from research, a pre-incubation program to help entrepreneurs create new startups, incubation to nurture early-stage startups, mentoring programs to improve strategy and business development of the startups, investor pitch days, and several talks/workshops from experts and successful entrepreneurs. CIE-IIITH was supported by DST (TBI) and MeitY (TIDE) in the initial years. Today, there are very active programs focused on emerging technology startups, research-based startups, medical technologies, and social technology startups. In the past 14 years, CIE has housed over 450+ startups that have raised about 250 Cr funding and created over 2500 jobs.

Acquisition

Nimble Gravity Acquires mDEVZ to Strengthen Its Data, AI and Software Engineering Capabilities

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nimble gravity acquisition

Today, Nimble Gravity LLC and mDEVZ,announced that Nimble Gravity has successfully completed its acquisition of mDEVZ, a data science and application engineering consultancy based in Buenos Aires, Argentina. mDEVZ brings a deep heritage in finance, gaming, and retail and will expand Nimble Gravity’s Data Science and Engineering practices, continuing the company’s strategic 2023 growth initiative.

mDEVZ strengthens Nimble Gravity’s ability to help customers transform their businesses with AI, bringing both data science capabilities, additional expertise in application development and net new capabilities in computer vision, rendering & optimization, and Unity3D.

“We are excited to bring mDEVZ onboard as we continue to advance our growth strategy for 2023,” said Tony Aug, co-founder, and chief executive officer of Nimble Gravity. “Their expertise in data science, artificial intelligence and software engineering will further strengthen our position in the market and enhance our ability to deliver comprehensive solutions to clients looking to leverage cutting-edge technology for their businesses.”

“We are proud of the results we’ve delivered to our customers during our 10 year history and are immensely appreciative of all their support,” said Mauro Lopez, founder and CEO of mDEVZ. “Joining Nimble Gravity represents a unique opportunity for our team to scale the impact of our work to an even broader customer base. Together, we can drive forward the strategy and execute the most innovative tech solutions to achieve unparalleled success and to give our team new opportunities to grow their careers and deepen the valuable skills at the company.”

mDEVZ builds on Nimble Gravity’s global operations, augmenting its team of professionals ready to tackle the hardest challenges businesses are facing in today’s digital landscape.

About Nimble Gravity:

Founded in 2019, Nimble Gravity is an international consultancy firm that specializes in Strategy, E-Commerce, Digital Transformation, Data Science, Analytics, and BI, as well as Software Development and Tech Design. Nimble Gravity believes in the power of data and evidence-based approaches to drive growth, transform businesses, and create winning solutions for a diverse clientele.

Headquartered in Denver, Colorado, with offices in Mexico City, Guadalajara, Buenos Aires, and Medellín, Nimble Gravity is a rapidly growing consulting firm ready to tackle the hardest challenges your business is facing.

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Acquisition

KaarTech Expands Digital Transformation Footprint with Acquisition of Dunn Solutions Group Inc.

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KaarTech

KaarTech , a global Digital Transformation Consulting company, is excited to announce its latest strategic move in the world of digital transformation. The company has broadened its’ capabilities and geography by successfully acquiring Dunn Solutions Group Inc. , a leading Customer Experience Solutions Consultancy headquartered in Chicago, Illinois.

Founded in 2006, KaarTech has solidified its position as a key player within the SAP ecosystem. With a proven track record of delivering digital transformation success across various sectors, including Discrete Manufacturing, Process Manufacturing, and Consumer Packaged Goods, KaarTech has carved a niche for itself. The company has also developed proprietary intellectual property, KEBS for Professional Services and KTern.AI for SAP Digital Transformation , reinforcing its reputation as a formidable force in the Digital Transformation Arena.

Founded in 1988, Dunn Solutions is headquartered outside of Chicago and has offices both in Minneapolis and Bengaluru. The company has carved its niche as a Digital Commerce and Business Transformation Consultancy. Their core mission revolves around delivering unmatched velocity and transformative solutions to their clients.

This strategic acquisition facilitated by Eiliant Advisors, a Bangalore based Investment Banking Firm, marks a watershed moment for KaarTech as it combines its extensive SAP domain expertise, especially in SAP S/4HANA, with Dunn Solutions’ prowess in Digital Customer Experience.

Speaking about the acquisition, Mr. Maran Nagarajan, CEO of KaarTech, says, “We are excited to join forces with Dunn Solutions to accelerate our vision of redefining Digital Transformation. This partnership brings together the best of both worlds – our SAP expertise and Dunn Solutions’ prowess in Customer Experience – to create a transformative force that will deliver exceptional value to our clients.”

This union not only broadens the horizontal scope of KaarTech’s services but also strengthens its commitment to providing cutting-edge digital solutions that drive business growth and competitiveness. With this partnership, KaarTech solidifies its position as a true leader in the Digital Transformation Arena.

Mr. Bill Dunn, CEO of Dunn Solutions, says “KaarTech has earned a reputation as a key driver of SAP innovation across a number of verticals over the years globally, and we are excited to join them as we look to leverage the assets and experience of Dunn Solutions to continue building on KaarTech’s success in the Digital Transformation Space.”

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Insurtech

Cortical.io Named Among Most Innovative Insurtech Companies by FinTech Global

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Cortical.io

Prestigious InsurTech100 List for 2023 Recognizes the Austrian AI Pioneer’s Contribution to Transforming Insurance Processes

Cortical.io today announced that they have been named to FinTech Global’s Sixth Edition of its prestigious InsurTech100 list for 2023. The ranking celebrates the groundbreaking tech companies that are developing solutions to the insurance industry’s most daunting challenges.

Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.

Over the last couple of years, insurance firms have faced an uphill battle to rapidly digitize their services and meet the evolving customer demands, nurturing a competitive landscape of Insurtech companies. This meant this year’s battle to earn a spot amongst the 100 InsurTech visionaries was intense. A select group of analysts and seasoned industry specialists sifted through a list of over 1,900 contenders presented by FinTech Global. The chosen few were acknowledged for their inventive technological applications either to solve a major industry challenge or to bolster efficiency throughout the insurance value chain.

“FinTech Global acknowledges for the second consecutive time Cortical.io’s role in revolutionizing document-centric processes within the insurance sector,” said Rainer Kegel, CEO of Cortical.io. “It’s incredibly gratifying to be recognized for our efforts in addressing a significant industry challenge, namely reducing the need for human intervention in the document review process. Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.”

Quoting group benefits is probably one of the most challenging insurance processes as it requires the analysis of many documents of variable types and structures. Cortical.io’s intelligent document processing solution extracts, interprets and classifies complex information found in terms and provisions and is for example able to detect the best plan matching a competitor’s policy. “Large insurance carriers employ hundreds of people to manually review policies before submitting a quote for group benefits,” said Kegel. “Our solutions help them prepare more accurate quotes faster, and consequently close more deals.”

Cortical.io’s Intelligent Document Processing (IDP) solutions leverage a unique approach to natural language understanding called Semantic Folding to reach unmatched levels of accuracy with unstructured text. Cortical.io’s solutions automatically search, extract and classify complex information from various documents such as insurance policies and emails with attachment, helping insurance companies eliminate quoting errors, improve customer response times and reduce labor intensive processes.

FinTech Global director Richard Sachar said, “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalization and insurance firms need to be prepared. The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionizing key areas like underwriting, pricing, distribution, and data analytics.”

About Cortical.io

Cortical.io delivers highly efficient AI-based solutions that help enterprises unlock the value of unstructured text by leveraging a game-changing approach to Natural Language Understanding (NLU). Cortical.io SemanticPro is an intelligent document processing solution that accurately extracts, analyzes and classifies information based on meaning and builds the basis for document workflow automation. With more than 10 years expertise in implementing NLU solutions in the enterprise, Cortical.io has demonstrated its ability to solve the challenges of language ambiguity and variability across many use cases and verticals for Fortune 500 companies.

Cortical.io has offices in the U.S. (New York and San Francisco) and Europe (Vienna).

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