IN-SPACe Launches Seed Fund for Space Tech Startups

Mumbai, Dec 4 (PTI) The Indian National Space Promotion and Authorization Centre (IN-SPACe) on Monday announced the launch of a seed fund scheme for start-ups operating in the area of urban development and disaster management by using space technology.

As part of the scheme, selected start-ups will receive seed funding for transforming an original idea into a prototype using space technology, ISRO facility support including Earth Observation (EO) data for validation of the concept, mentorship support, and access to data algorithm as transfer of technology from Department of Science (DoS), according to a statement.

The scheme has the provision of providing financial assistance of up to Rs 1 crore in addition to mentorship support, training and networking opportunities, it said.

IN-SPACe is the nodal agency in DoS, responsible for promoting, enabling, authorising as well as supervising space activities of the Non-Government Entities (NGEs).

The scheme will provide opportunities for NGEs that leverage space technology for societal benefits to graduate to the next level, as per the statement.

“The role of the space sector is crucial to the overall development of the national economy, and IN-SPACe has been bringing out schemes from time-to-time for promoting space technology for the benefit of the common man," said Pawan Goenka, Chairman, IN-SPACe.

The Seed Fund Scheme is a part of IN-SPACe's efforts to provide a special thrust to enhance the space activity capabilities of the nation with the active participation of the start-ups, he said.

"This scheme is designed to support Indian space start-ups that aim to develop innovative space products and services, thereby improving the quality of life for people and communities in India and around the world," Goenka added.

For urban development, opportunities abound for start-ups working in the domains of urban planning, monitoring and infrastructure management, telecommunication, navigation, broadband connectivity, water resources management, energy efficiency, climate and weather monitoring, disaster risk reduction, public health, healthcare, and more, as per the statement.

Similarly, disaster management offers opportunities for startups specialising in the domains of geographical information system (GIS), early warning and monitoring systems, search and rescue operations, among others, it stated.