SINE IIT Bombay Incubated Company gets funded at Chitkara University's India Innovation Championship
A panel of investors led by Orbit Future Academy made 50 lacs rupees on spot investments to start-ups from across the cities and incubators from India
Chandigarh: Incubated at the prestigious ''Society for Innovation and Entrepreneurship (SINE) – IIT Bombay'', the winning start-up that attracted investment, ''Pacify Medical Technologies Pvt. Ltd.'' has developed a patent-pending skin spray gun that enables large wound coverage by spraying stamp-sized skin.
Since its inception, Chitkara University has always promoted an entrepreneurial mindset in teaching, research and training. To take the baton ahead, Chitkara University recently conducted the finale of the ''India Innovation Challenge- 2021'' – one of the largest funding fest and University driven platforms for upcoming start-ups.
Curated by CEED Chitkara University Centre for Entrepreneurship and Education Development and coached by Orbit Future Academy, the event was backed by seasoned angel investors, VC partners SucSeed Indovation Fund (Hyderabad) & Modular Capital, ISBA, accelerator partner 100 Watts (Pune), industry bodies like FICCI & MeitY start-up hub (GOI) the Government of Himachal Pradesh, Chitkara University's Research and Innovation Network (CURIN) and Chitkara University NEW Gen-IEDC, the challenge was curated to drive entrepreneurship and accelerate promising Research, Innovation, Demonstration and Development (RID&D) in technology, across India.
IIC has been designed and curated to provide the innovators and thinkers an opportunity to compete in a grand event to get mentored for their new & novel ventures by fast-tracking impact savvy innovations. The Championship is open to innovators, entrepreneurs, designers, thinkers, students, engineers, scientists, coders, trainers, academicians from any background.
The ‘India Innovation Championship’ (IIC)- 2021 grand finale witnessed ''Pacify Medical Technologies Pvt. Ltd.'' a start-up incubated at the prestigious ''Society for Innovation and Entrepreneurship (SINE), IIT Bombay'' , receiving the seed funding.
The winning start-up, ''Pacify Medical Technologies'' has developed a patent-pending skin spray gun that enables large wound coverage by spraying stamp-sized skin. The start-up Founder and CEO, Mr. Saiprasad Poyarekar, a graduate from IIITDM Kancheepuram, shared that the start-up was incubated in January 2019.
Mr. Saiprasad Poyarekar, when asked about his experience of participating in IIC – 2021, shared, "The program helped me to understand the nuts & bolts of how to raise funding for a technology start-up like us. The recorded video sessions help me to improve my knowledge of all aspects of fundraising. The one-to-one sessions with Mentor's like Nalin Singh from Orbit helped me nourish my skills."
Since its launch, the ''India Innovation Challenge – 2021'' received a record 460 applications from the progressive sectors ranging from fintech, agri-tech, ed-tech, waste management solutions to the health sector. Only 23 start-ups qualified for the stringent screening and allowed to ''Pitch and Present'' their ideas to a panel of 10 investors from India and abroad (including angel investors, venture capitalists from Modulor Capital (Gurugram), SucSEED Innovation Fund (Hyderabad), and Chandigarh Angels Network). After intense competition, ''Pacify Medical Technologies Pvt. Ltd.’ attracted investor confidence and emerged victorious.
A panel of investors led by Orbit Future Academy made 50 lacs rupees on spot investments to start-ups from across the cities and incubators from India. Govt. grants up to 20 lac rupees for prototype development & product commercialization were also awarded by the panel of jury members to start-ups from India and abroad.
The IIC 2021 finalists included participating teams from institutions of national and international reputation including, IIT Bombay, IIT Kharagpur, Panjab University, Chitkara University, IIT Patna, Sher-e-Kashmir University of Agricultural Sciences and Technology (Kashmir), Kongu Engineering College (Tamil Nadu), Pimpri Chinchwad College of Engineering (Pune), University of Florida-USA, SR University (Warangal), North Eastern Regional Institute of Science and Technology (Itanagar), and start-ups from Bengaluru & Indore.
Mr. Nalin Singh, CEO & Co-founder Orbit Future Academy, Indonesia, applauding Chitkara University's efforts to promote entrepreneurship shared, "Chitkara University has made a lot of contributions in developing a promising entrepreneurial ecosystem in India."
The event's culmination witnessed Dr. Madhu Chitkara, Pro-Chancellor, Chitkara University, and Mr. Sumeer Walia, Program Director-IIC 2021 and Director CEED Chitkara University-Punjab thanked the participants and the team for making the event a grand success. Dr. Madhu Chitkara, while applauding the winners, participants, event organizers, shared that, "Chitkara University has a pan-India vision to support entrepreneurship & innovation while acknowledging others’ efforts & creativity."
Concluding the event and delivering the vote of thanks, Mr. Sumeer Walia, Program Director-IIC 2021 and Director CEED Chitkara University-Punjab stated, "The leadership, Chitkara University has once again proved that their vision is global when it comes to entrepreneurship development at their campuses."