IIT-Madras will provide up to Rs 5 crore in funding to support innovative sports technology start-ups in India.
These startups, which will also result in the creation of a sports tech incubator fund at IIT Madras, will be centred around AI and IoT-based technologies involving sensors, networks, actuators, and controllers.
“IIT Madras Sports Technology Start-up Conclave,” which is set for June 14–15 at IIT Madras Research Park, is where the first round of shortlisted submissions will be called upon to pitch their venture. It would be the first-ever conclave of its kind in India.
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After all review phases, the funding support for each start-up can vary from Rs 10 lakh to Rs 50 lakh. Based on the company potential, IITM Pravartak Technologies Foundation would invest equity, and IITM CESSA would provide support during the incubation phase.
The IIT-Madras Incubation Cell has supported 351 start-ups through May 2024; these companies have drawn investments totaling Rs 10,425 crore from angel and venture capitalists, with a combined valuation of Rs 45,000 crore.
Ramesh Kumar, Chief Executive Officer of CESSA, said: “As a centre, we want to create a deeper linkage between technology and the sporting industry and also lead the development of the overall eco-system to create products and applications that enhance sporting excellence,”
Shankar Raman, IIT-Madras Pravartak Technologies Foundation, said: ”We believe in encouraging entrepreneurs who are using technology to enhance the performance of the athletes and make them globally competitive.”
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