NIT-Rourkela to provide seed funding for 2 regional start-ups

By Newsmeter Network  Published on  30 Sep 2020 8:05 AM GMT
NIT-Rourkela to provide seed funding for 2 regional start-ups

Rourkela: The National Institute of Technology-Rourkela’s (NIT-R) Foundation for Technology and Business Incubation (FTBI) Centre has chosen two young start-ups under the entrepreneurs-in-residence (EiRs) programme to support them financially.

Under this programme, the selected regional start-ups, Yarev Technology Pvt. Ltd. and Clavictor Academy Pvt. Ltd., would be provided seed funding for a period of one year. The NIT-Rourkela aims to support and build a strong ecosystem for Indian start-ups, in order to help realise the vision of Prime Minister Narendra Modi’s Atmanirbhar Bharat.

Prof. Animesh Biswas, chairman, FTBI, and director, NIT-Rourkela, said: “I feel immensely proud with the innovations created by Yarev Technologies and Clavictor Academy and believe that more of such innovations would help our institute to secure higher position in the Atal Rankings of Institutions and Innovation Achievements.”

Yarev Technologies Pvt. Ltd. is a start-up incubated by the FTBI that focuses on manufacturing disruptive solutions in the field of home automation, water quality monitoring and water conservation, automated submersible starters, etc. The company’s latest invention is an automatic sanitiser dispenser (ASAR) which is a frontline defence in the fight against the pandemic. This is a zero-touch dispenser for soap or hand sanitiser with the price ranging between Rs 2,000 and Rs 7,000. The start-up has been provided with grant money of Rs. 7 lakh under the ‘Product/Prototyping’ grant by FTBI.

Clavictor Academy Pvt. Ltd. developed a mobile application, Clavimate, aimed at better understanding of subjects and better performance by state board students in the upcoming board and entrance exams. The start-up’s online education application is trying to help out the students who are unable to attend physical classes. The start-up wants to use incorporate new features that would be useful for the students like data analytics to increase their engagement with the application. Animated video lectures will also be included in the app.

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