InnovationQore to fund 25 Startups to the tune of $25 Million USD
InnovationCore under the Turbostart programme announced the winners of its first cohort of applicants.
The programme was open to all Indian start-ups. It was in a competition format and attracted over one thousand applications within a short span of forty five days from across 15 sectors from 157 cities from around 25 countries.
Considering the quality of applications received, the jury comprising of an eminent panel of the investment committee, management team and advisory board of Innovation Gore decided to increase the number of finalists to include 25 innovative startups, who would be funded upto $1 Mn each.
Artificial intelligence is now becoming a foundational technology and integral to improving the way any industry functions. The digital ecosystem has transitioned from social, mobile analytics and cloud (SMAC) to distributed ledgers and Artificial Intelligence.
“The phenomenal response that we received for Turbostart’s first cohort of winners, both in terms of quality and quantity prompted us to increase the number of startups that would receive funding, mentorship and hand-holding to 25 finalists. These startups will also be provided with assistance in-product positioning, entity structuring, brand and digital strategy along with services spanning tax, legal, marketing and sales. There were significant contributions from the fintech sector. With new age technologies such as AI, IOT and Machine Learning making inroads into the logistics sector, efficiencies can be greatly improved. Applications also came in from the edutech sector which is on the cusp of becoming the next sunrise sector. Engaging content is the demand of the day, with AR, VR and ML contributing significantly to how students understand concepts better. Other sectors that made it to the winning list included legal-tech, reg-tech, impact, B2C, low code animation, product, media-tech, healthtech, foodtech and fintech” said Ganesh Raju, Founder, and CEO, InnovationQore.
“Turbostart will run twice a year, with winners being announced in January and July every year. The programme ensures that selected startups will be able to execute their innovations with a strong support system so as to be successful in the market. The path of development will be made smooth for these entrepreneurs by providing them with an open, flexible and accessible environment that later prepare them for the next stage of funding.” Ganesh added.