iTNT sets up Foundation Fund to nurture deep tech startups
This fund also aims to bring together angel investors, HNIs’, institutional VCs’ to create the Foundation Network to support the innovation ecosystem of TN
CHENNAI: iTNT Hub on Friday launched its Foundation Fund (Financing Opportunities for Unleashing Deeptech Advancements & Transformative Innovations), wherein with support from MeitY, GoI, the first tranche of Rs 2 crore will be invested in TN-based deep and emerging tech startups.
Such startups would be supported by iTNT, up to Rs 40 lakh per venture. This fund also aims to bring together angel investors, HNIs’, institutional VCs’ to create the Foundation Network to support the innovation ecosystem of TN.
At the last day of the two-day Umagine 2025 summit, held here, iTNT Hub exchanged a strategic MoU with the Centre for Development of Advanced Computing (C-DAC) to drive innovation in advanced ICT areas like high-performance computing, AI, quantum computing, cybersecurity, and healthcare technologies.
This MoU will foster collaborative research, training, and technology development, enabling startups and innovators in TN to access C-DAC’s expertise and resources. The exchange was done by iTNT Hub CEO Vanitha Venugopal. MoUs that were exchanged included Game Developers Association of India, Kerala Startup Mission, VFX, Animation and Gaming Society, IIT Madras Research Park, Nasscom Foundation and Action Community for Entrepreneurship.
JIGSAW - Innovation Platform (Joint Innovation Gateway for Synergistic Startup Academic Industry Investor Work) was officially launched by deputy chief minister during UmagineTN 2024, striving towards ‘Innovate In TN’ and ‘Build The Future.’
Since its launch, the platform has onboarded 4,968 researchers, 102 colleges, 69 investors, and 268 deeptech and emerging tech startups (as of December 2024). On Friday, additionally, 35 colleges with researchers and startups with a focus on Tier 2 and Tier 3 cities like Coimbatore, Dharmapuri, Dindigul, Erode, Karur, Namakkal, Salem, The Nilgris, Tiruppur, were onboarded. Principals and management representatives of the 35 colleges exchanged MoUs with iTNT Hub CEO.
Earlier, Palanivel Thiaga Rajan, TN minister for IT&DS, also launched ten deeptech hardware and software products at the Innovation Arena by iTNT Hub.
