India Accelerator launches vertical to spur innovation in robotics and space startups
In the initial stage, the accelerator aims to inject a capital of $10 million to $15 million in early-stage startups.
India Accelerator has launched a new vertical, RUMS (Robotics, Unmanned & Space), to spur innovation and drive growth for potential startups in the industry.
The accelerator said the vertical will focus on providing strategic support to unmanned aerial systems, counterdrone systems, ground robots, and space startups. In the initial stage of inception, the accelerator aims to inject capital of $10 million to $15 million into early-stage startups exhibiting potential in the space through its partner entity Finvolve.
India Accelerator, a seed-stage programme for tech startups in India and UAE, plans to lean on experts to help select and grow the startups. It has appointed Indian Army veteran Lt Gen Anil Chait as the chief advisor of the vertical.
“Looking at the robust need for agile technology solutions and the proliferation of startups in this segment, we aim to capitalise on the opportunity with the unveiling of our latest endeavour," stated Arindam Mukhopadhyay, Partner and Head of Corporate Innovation, India Accelerator.
Lt Gen Chait, said, “The vertical represents the venture into unchartered territories as robotics and unmanned technologies are the forerunners of modern defence, warfare, healthcare accessibility and other critical industries. Excited to lead this endeavour with IA as we look forward to cultivating innovation in revolutionising diverse industries and fortifying national security.”
India Accelerator has invested nearly $1 million in a Bengaluru-based deeptech startup that has built advanced air defence aerial systems for rapid deployment, resilient ISR (intelligence, surveillance and reconnaissance), precision strikes, and countermeasure capabilities in contested environments.
The accelerator had 225 startups in its cohorts by January 2024; two-thirds of them had successfully raised follow-on funding, it said. It has exited nearly 33% of these startups and made 6X returns on investments in the past six years, it added.
India Accelerator has dedicated verticals to focus on the growth of startups in areas such as energy and mobility, circular economy, sustainable development, generative AI, and media entertainment and gaming.
Edited by Swetha Kannan