Honeywell India partners with IISc to boost innovation by funding deep science start-ups
With an intensive focus on agri-tech, clean-tech, health-tech and green-tech, Honeywell has extended funding worth ₹2.4 crore in FY23-24 to eight start-ups and ‰ve EIR programmes
Honeywell Hometown Solutions India Foundation (HHSIF), the philanthropic arm of Honeywell (NASDAQ: HON), in partnership with the Foundation for Science, Innovation and Development (FSID), Indian Institute of Science (IISc), renowned for its cutting-edge deep sciences research, has extended research and ªnancial support to 37 Indian start-ups, extending capital worth ₹9 crores over the last four years.
Seed funding
With an intensive focus on agri-tech, clean-tech, health-tech and green-tech, Honeywell has extended funding worth ₹2.4 crore in FY23-24 to eight start-ups and ªve Entrepreneurship-inResidence programs (EIRs), and further plans to on-board 10 new start-ups in the current ªscal.
According to the release, through this collaboration, Honeywell provides seed funding and essential research support to start-ups in the realm of deep science focusing on addressing environmental, agricultural and health challenges.
Over the years, the synergy between Honeywell and IISc has been highly sought after, it has helped to extend access to state-of-the-art facilities, connect with industry stakeholders & government bodies, global network of High Net Worth Individuals (HNIs), Angels, Venture Capitalists (VCs) as well as Micro, Small & Medium Enterprises (MSMEs) in India.
Fertile ecosystem
In FY23-24, Honeywell and IISc’s collaborative beneªts were extended to health/med-tech companies like Papyrus Diagnostics Private Limited, Akumen Artiªcial Intelligence, Hoyasan Labs Pvt Ltd, Cellsion Technologies Pvt Ltd and Easescan MedTech Private Limited; and to agri-tech companies like Kaiza Tech and Green Collar Agritech; as well clean-tech start-up Mushloop Pvt Ltd.
Ashish Modi, president, of Honeywell India, said, “Our core focus is not just to extend ªnancial support but also to encourage deep science/tech research which fuels the innovative prowess of these businesses. Over the past 4 years, we have worked with over 40 start-ups and will be on-boarding another 10 in the upcoming ªnancial year. Together, with IISc, we are cultivating a fertile ecosystem for these companies, making a tangible impact on society.”
An exemplary start-up supported by Honeywell and IISc is ‘AI Highway,’ oering cost-eective cardiac disease screening systems leveraging advanced signal processing and AI capabilities that can screen, detect and predict cardio-respiratory disorders.