Tamil Nadu to Launch Deep-Tech Fund for Startup Support

Tamil Nadu, Jul 12 (KNN) In a significant move to boost the state's technology sector, the Tamil Nadu government has announced plans to establish a deep-tech fund aimed at supporting startups in the field.

The announcement was made by Palanivel Thiagarajan, the state's Minister for Information Technology and Digital Services, during an event in Chennai on Thursday.

While specific information about the fund's size and launch date was not disclosed, the minister emphasised that it would provide both financial backing and mentorship fr0m global experts in deep-tech. This initiative is expected to give a substantial boost to the state's growing technology ecosystem.

The state's deep-tech policy, recently announced in the assembly, will be in line with the proposed national deep-tech policy. It will focus on technology product design, offering support for both product development and manufacturing.

This alignment with national objectives is expected to create a more cohesive environment for tech innovation across the country.

Tamil Nadu, being the most industrialised state with a strong talent pool, aims to leverage innovation to accelerate its economy and reach its trillion-dollar goal. The deep-tech fund is seen as a crucial step towards achieving this ambitious target by fostering cutting-edge technological advancements.

The state already provides grant and equity investments to selected startups, with a particular focus on social impact sectors such as women empowerment and supporting entrepreneurs fr0m disadvantaged communities. The new deep-tech fund is expected to broaden this support, specifically targeting the high-potential deep-tech sector.

S Krishnan, Secretary of the Union Ministry of Electronics and Information Technology (MeitY), highlighted the need for Tamil Nadu to reach a critical mass in creating a vibrant startup ecosystem, including venture capital funding.

This observation underscores the importance of the state's latest initiative in attracting and retaining tech talent and startups.

The event also saw several significant partnerships and agreements being formed. A letter of intent (LoI) was signed with Amazon Web Services for setting up a center of excellence and supporting deep-tech startups. Another LoI was inked with Microsoft India to provide Azure credits and OpenAI credits for startups.

An MoU was signed with Tamil Nadu Smart and Advance Manufacturing Centre (TANSAM) in association with Siemens. Tamil Nadu Centres of Excellence for Advanced Manufacturing (TANCAM) signed an MoU with Dassault Systèmes and Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC).

To support research and development efforts, MoUs were signed with 50 higher education institutions. Additionally, two agreements were signed to explore technology transfers involving researchers and corporations.

(KNN Bureau)