International Institute of Information Technology (IIIT)-Hyderabad has announced a seed fund network to invest in technology startups in its incubator and elsewhere.
“The venture capitalists who are senior industry leaders with extensive domain knowledge and peer networks will assist in creating a structure to support the start-ups and further enhance IIIT-H’s startup ecosystem,” an official release in this regard said.
Without unveiling the fund size, IIIT-Hyderabad said in a statement, the fund will be created with the help of a network of investors comprising of technology professionals and entrepreneurs.
Using the fund, IIIT will invest in early stage tech startups involved in technologies like machine learning, computer vision, robotics, AR/VR, natural language processing and other sub-domains of artificial intelligence among others, the statement revealed.
Various accelerator programmes conducted at the Centre for Innovation and Entrepreneurship at IIIT-Hyderabad will act as the primary source of startups. The fund will also be used for the domain specific startups and seeding initiatives that will be taken up by the centre.
The seed fund is being started in conjunction with five leading investors including Viiveck Verma, Vikrant Varshney, Ajay Jain, Anurag Garg and V V S N Raju. The investors will help structure and govern the fund, the official release said.