Summary:
New Delhi, Dec 5 (PTI) From a startup aiming to make hybrid aerial vehicles to the ones working on converting waste to crude oil and efficient water transport solutions, faculty members at the Indian Institute of Technology (IIT), Madras founded at least 94 enterprises having a combined valuation of over Rs 1,400 crore.
According to officials, the IIT faculty members have founded, mentored or advised over 240 startups in the past decade which today have a combined valuation of Rs 11,500 crore.
The number of companies directly founded by IIT-Madras faculty members stood at 94 in October this year.
These have a combined valuation in excess of Rs 1,400 crore, based on investment raised by these startups from angel investors or venture capital firms.
According to data shared by the IIT Madras Incubation Cell (IITMIC), the number of faculty-founded startups rose sharply from 37 in April 2017 to 69 in June 2019 and 80 in 2020 before touching 94 by October 2021.
These startups were incubated by the IIT Madras Incubation Cell, one of India"s leading deep technology startup hub.