Hyderabad: Telangana AI Mission on Thursday selected 42 startups for its `Revv Up' accelerator programme.
'Revv Up' is a 12-month program for startups offering solutions using Artificial Intelligence (AI).
In a statement, the IT department said selected startups represent 11 sectors from across 10 Indian states
Powered by NASSCOM, Revv Up will enable and empower AI startups through a series of structured interventions. The startups invited to participate in the inaugural cohort have been through a rigorous selection process that evaluated their credentials across six criteria.
Nearly 50 percent of startups are from outside Telangana. They have expressed intent to open a local office in this or next year while over 70 percent of the cohort is either bootstrapped or has early funding, and more than 25 percent have at least one female founder.
"The participating entrepreneurs and their startups represent innovations powered by Artificial Intelligence. From addressing noninvasive healthcare solutions to climate modeling, and new ways to support learning; these founders will greatly impact how our future will be shaped," said Jayesh Ranjan, State Principal Secretary (IT&C).
The Revv Up accelerator provides exclusive opportunities for AI startups to solve societal and business problems through partnerships with government and industry respectively. These startups will receive mentorship from industry experts, and technology and IP support as they aim to build scalable businesses with AI-based offering at their core, he added.
NASSCOM President Debjani Ghosh said the close partnership with the state of Telangana will provide significant impetus for startups and their aspirations to become the AI Garage for the world.
"Revv Up is another step towards making Telangana and Hyderabad a global destination for AI and other emerging technologies. The zero equity or cost accelerator program, exclusively designed for growth-stage AI startups, will begin its core operations starting this month, she said. The next cohort of Revv Up will commence in February 2022 and applications for the next cohort are tentatively planned towards the end of this year," she added.