Gyan Circle Ventures, a tech business incubator funded by the Electronics and IT Ministry, was inaugurated on Thursday at IIIT Sri City in Andhra Pradesh. The incubator has been set up under the IT Ministry’s Technology Incubation and Development of Entrepreneurs (TIDE) 2.0 scheme, which aims to offer financial and technical support to early stage tech startups working on emerging technologies. The incubator was virtually inaugurated by Education Minister Ramesh Pokhriyal.
“Gyan Circle Ventures is a technology business incubator, and aims to promote deep tech entrepreneurship through financial and technical support to incubators engaged in using emerging technologies such as IoT [Internet of Things], AI/ML [Machine Learning], AR [augmented reality]/VR [virtual reality], blockchain, and robotics, among others,” said Bala MS, chairman of the board of governors at IIIT Sri City.
Gyan Circle Ventures will provide support to startups in various phases via investments, infrastructure and mentoring, the Education Ministry said in a statement. It will have an advisory committee comprising of industrialists, entrepreneurs and technical experts, for mentoring the startups. The Education Ministry’s secretary Amit Khare also said that the incubator will serve as a channel for commercialising solutions created by students and faculty members of IIIT Sri City.
In addition to Khare, the event was attended by Ajay Prakash Sawhney, secretary, MEITY, and Satish Chandra, special chief secretary of higher education for the government of Andhra Pradesh, among others.