Page 362 - Vellore Institute of Technology – Annual Report 2017-18

Vellore Institute of Technology – Annual Report 2017-18

TBI (Technology Business Incubator) 2017-18

 Four New Projects were inducted for incubation (all four are from VIT students)
 Eleven companies under incubation
 Two companies (Renaura Wellness Pvt.Ltd and Araciv Technologies Pvt.Ltd) have
raised angel funding
 Enrecover Energy Recovery Solutions has bagged an order from Tata Steels

BIRAC BioNEST Bioincubation center @VITTBI

 BIRAC has approved setting up a BioNEST Bioincubation center @VITTBI
 The total project cost is Rs.4.55 Crores and BIRAC ‘s contributions is a grant of Rs.3.3
Crores.
 This initiative would establish two sophisticated product development facility in
Biotech / Electronics domains
 The center has an objective to support around 15 ventures in the Medical devices /
affordable healthcare domains.

Seed Funding Support

Received a seed fund grant of Rs.1.40 Crores from DST during Nov’17.

VITTBI Seed Fund Project Management Committee has approved seed fund of Rs.1.40 Crores
during a meeting held on 20th February’18 to three incubatee companies.

An additional seed grant of Rs.5 Lakhs / venture to
kick start business activities has been earmarked
for student startups.

Enrecover Energy Recovery Solutions Pvt. Ltd, and
Araciv Technologies Pvt. Ltd receiving the seed
money – 19-07-2017

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