HaiVE, a Singapore-based on-premise AI company, has signed a Memorandum of Understanding (MOU) with St Joseph’s Group of Institutions to launch AI Venture Factory, an AI start-up-focused technology business incubator (TBI). In its efforts to promote groundbreaking technology start-ups in Tamil Nadu, Start-upTN has accepted AI Venture Factory, making it India's first government-accredited AI incubator.
The launch event, held on November 8, 2023, was attended by over 5,000 participants including TM Anbarasan, Minister for Micro, Small and Medium Enterprises (MSME), Government of Tamil Nadu and Aravind Ramesh, MLA of Shollinganallur. Michael Hiller, Co-Founder of Hiller Marine Australia, a HaiVE customer and investor, was the chief guest.
Archana Patnaik, IAS, secretary of the MSME Department, accepted a proposal to be reviewed and accredited as an AI-focused TBI. The St. Joseph Group of Institutions will serve as the host institution for HaiVE’s AI Venture Factory, a Section 8 TBI. During the launch event, Dr. B Babu Manoharan, chairman of St. Joseph's Group of Institutions and now director of AI Venture Factory, emphasized that the goal of this initiative is to serve as a launchpad for HaiVE's products and projects.
The AI Venture Factory will support aspiring AI entrepreneurs with a two-fold approach. First, as a deep tech research and development company, HaiVE can provide technological support to incubatees looking to leverage AI for social impact by providing probono consulting by HaiVE’s AI Scientists.
Secondly, the AI Venture Factory will provide affordable exotic AI Server Infrastructure. It will also assist start-ups in securing grants and other forms of funding from the Tamil Nadu government, given its close collaboration with government officials.
The AI Venture Factory is also looking to incubate 15 start-ups by FY 2024, further enhancing their commitment to fostering innovation and entrepreneurship in the region.
Deepika Loganathan, CEO of HaiVE, said that through this initiative, HaiVE aims to lead the charge in shaping the future of AI innovation, supporting entrepreneurs, and contributing to India's burgeoning AI ecosystem. “The incubator is designed to be a crucible of innovation, offering state-of-the-art resources like H100 AI server timeshares, AI scientists’ mentorship and a conducive environment for young AI ventures to flourish. We look forward to witnessing the transformative impact of the AI Venture Factory on the world of technology and innovation,” she added.
Minister Anbarasan added that Tamil Nadu has established a large number of business incubators facilitated through Start-upTN. These incubators provide financial assistance and act as a connecting platform for aspiring entrepreneurs across different sectors. Rs 144 crores have been allocated specifically for this in the annual budget.
HaiVE has established a business incubator to foster the growth and development of businesses, which includes mentoring and transforming the ideas and insights of students and other entrepreneurs into successful ventures. It collaborates with individuals and provides them with training and support in emerging fields of technology such as AI, Machine Learning (ML), Large Language model (LLM), and more to help them run these businesses effectively.
This initiative aims to boost economic growth by nurturing and empowering start-ups and small businesses, ultimately contributing to the overall prosperity of a state. Through this collaboration with the Tamil Nadu government and Start-upTN, HaiVE is fostering the growth of a new generation of innovators and entrepreneurs ready to lead the AI revolution in India.
The AI Venture Factory will provide a supportive environment where ideas can transform into impactful solutions. HaiVE is committed to being at the forefront of this AI revolution and supporting the next generation of innovators.