New Delhi [India]: IvyCamp, an initiative of IvyCap Ventures, and NASSCOM 10000 StartUps have announced the second season of Rendezvous IoT (RIOT-2).
Supported by the Government of Maharashtra and Maharashtra Industrial Development Corporation, the event will be IOT Central for IOT focused startups to connect with seasoned mentors, angel investors and venture capitalists.
The inaugural edition of the event, RIOT-1, witnessed over 30 startups and 60 investors participating, an unprecedented 2:1 investor: startup ratio. Four startups were selected for the Maker’s Movement India Rs. 7.5 crore of funding was awarded to three startups, while two were chosen for incubation at NASSCOM.
The event also saw participation from large corporate such as Tech Mahindra, TATA and Reliance. Indian and foreign Government agencies such as Smart Cities Commission and Government of New South Wales and Government of Ecuador also participated in the event.
NASSCOM and IvyCamp’s joint initiative seeks to facilitate interconnects among startups, investors, mentors and industry bodies so that collaboratively the ecosystem can develop solutions that have a positive impact on the way people live and industries function.
The alliance will look at developing strategies and initiatives to bolster the IOT movement in Indian StartUp Ecosystem including cultivating innovation, educating the investment community and fostering partnerships between industry and the startups.
“IoT is among the hottest emerging technologies, with the most broad-based potential use-cases cutting across industries. According to the Ericsson Mobility Report, IoT will be a significant building block for the smart cities initiative in India,” said CEO and Managing Partner – IvyCap Ventures, Vikram Gupta.
“We are also optimistic about the opportunity for investors and mentors to shape and guide the next generation of startups working in this exciting space,” added Gupta.
Research by McKinsey Global Institute estimates the impact of the Internet of Things on the global economy to be USD 6.2T by 2025. NASSCOM and Deloitte recently pegged the IoT market in India at USD 5.6B in 2016, growing to over USD 15B by 2020. (ANI)