Endiya Partners and Applied Ventures have announced their first curated accelerator programme, which looks to support deep tech startups.
Dubbed Frontier-Tech Ignite (X) or FTIX, the programme will identify and mentor high-potential startups in the SaaS, enterprise software, semiconductor, artificial intelligence (AI), machine learning (ML), blockchain, internet of things (IoT), 5G, sensors and cybersecurity domains, a statement said.
The FTIX programme will choose five startups for the cohort through a two-stage screening process.
The shortlisted startups are expected to have a working minimum viable product (MVP) and initial customer traction in the market at the time of registration. The last date for application is April 15.
The finalised FTIX startups will receive mentorship from Endiya and Applied Ventures, along with potential access to their network and portfolio companies. They will have the opportunity to pitch for investments from Endiya, Applied Ventures and other investors in the ecosystem, the statement said.
“The last few years have seen advancements in the field of Frontier Technologies globally, leading to accelerated digital transformation geared to embrace newer possibilities. We have guided our portfolio companies, SigTuple, AlphaICs, Steradian Semiconductors, Myelin Foundry, Shieldsquare and Cell Propulsion -- all market innovating ideas in technology -- to cross the chasm, whether it was in finding the right investment, their first set of customers, or the right team to work with,” Sateesh Andra, managing director of Endiya Partners, said.
Andra also said that although some Covid-19 infused uncertainties linger, the pandemic has also accelerated the adoption of disruptive technologies that are required to solve the most complicated and unexpected challenges.
“Key strategic and collaborative initiatives like FTIX are becoming an important source of industry support and capital for startups who are finding their footing in niche but growing sectors of deep tech and frontier technologies. Applied Ventures aims to use its expertise in materials engineering to work with startups innovating across the materials to systems stack, targeting a wide range of industries, including semiconductors, datacenters, Industry 4.0, automotive, supply-chain and life sciences. The latter is an area that is taking on increased importance as the world learns to adapt to the ‘new normal’ post Covid -19,” Anand Kamannavar, global head of Applied Ventures, said.
Founded in 2015, Endiya Partners has $100 million under management. It recently invested in AI-based startup AlphaICs and SaaS app manager Zluri. In January, Endiya marked the final close of its latest fund.
Applied Ventures is the venture capital arm of Applied Materials and claims to have invested more than $300 million in over 90 companies in 16 countries -- including India -- and has been actively investing in the deep-tech sector for over a decade.
Deep-tech startups have gained a lot of investor interest lately.
Earlier this month, Hyderabad-based venture capital firm Inflexor Ventures rolled out a deep-tech fellowship programme to provide seed to Series A capital to startups from its $100 million fund.