Deep tech firms building satellites for earth observation, products to thwart cybersecurity attacks, and artificial intelligence solutions to solve various healthcare problems were some of the innovations recognised by IT trade body Nasscom at its Future Forge (formerly Nasscom Product Conclave) event here on Tuesday.
Nasscom revealed the winners of the 14th edition of Emerge 50 Awards and the League of 10 winners. It recognised breakthrough development in the deep tech space by Indian tech companies. Their aim is to solve some of the world’s most pressing challenges and address critical global issues.
“Deep tech spans across a multitude of industries, from agri-tech and health-tech to space-tech and edtech, and these start-ups embody the convergence of cutting-edge science and entrepreneurial spirit,” said Debjani Ghosh, President, Nasscom. “As we increasingly see the transition of deep tech from theoretical research to concrete market solutions, the opportunities for the Indian technology industry become limitless.”
Amongst the 50 Emerging deep tech start-ups, Nasscom also announced the League of 10 Winners, recognising cutting-edge companies creating new products or solutions with unique IP and potential impact. One of them is GalaxEye, which is building the world’s first multi-sensor imaging satellite, redefining the future of earth observation. It was founded in 2020 by a team of 5 students and alumni of Indian Institute of Technology Madras, who have previously worked together as part of Team Avishkar Hyperloop, a student competition team at IIT-M, which qualified as the only Asian Finalist at the SpaceX Hyperloop Competition 2019.
Another firm, BluSapphire Cyber Systems Private Limited, is a product startup solving for effective cyber threat detection and mitigation. This helps ensure client business continuity.
Many of these firms are also betting big on the area of healthcare. Azooka Labs, a biotech company, is building products for pushing the Climate Change agenda. These aim to protect the environment from bio-hazardous chemicals used in life science research and molecular diagnostic applications.
Another company, Artelus, is a profit-generating start-up operating in a Rs 19,000 crore market opportunity with its commercialised devices and A.I. solutions that solve every pain point for in-clinic deployment or mass implementation. This includes identifying patients with retinal abnormalities, that can positively impact more than 21 crore Indian families.
Nayan Technologies focuses on urban management. By harnessing AI and crowdsourced citizen engagement, it empowers cities to optimise resource allocation, reduce operational costs, and enhance service delivery. This not only leads to economic opportunities for participants but also ensures transparent decision-making. This also addresses a wide range of urban challenges.
Amongst the 50 Emerging Deep Tech start-ups, other firms which were recognised as part of the League of 10 Winners include Fortytwo42 Technology Innovations, HaystackAnalytics, Proxgy, Inntot Technologies, and XYMA Analytics.
“The cohort this year represents a diverse cross-section of deep tech companies that are providing real-world solutions to complex global problems,” said Ghosh of Nasscom.
The 14th edition of the awards saw 741 submissions. With Zinnov as a knowledge partner, the submissions were screened and evaluated in a mathematical model. The applications were rated and analysed on several parameters including financials, growth, market differentiation, product differentiation, market size, and usage of advanced technology. Further, more than 20 per cent of the applications were from Tier-2 and Tier-3 cities like Cochin, Coimbatore, Trivandrum, Bhubaneshwar, Kochi, Indore, and Jaipur.
The Indian deep tech startup ecosystem has come of age with over 3,000 startups that have grown at 53 per cent CAGR over the last 10 years, according to a Nasscom report. They have grown at par with the Indian tech startup ecosystem. The key to this rise can be attributed to the rise of emerging technologies including AI, big data, and the Internet of Things (IoT) and their accelerated adoption across sectors. However, despite this growth, these companies face numerous challenges such as access to skilled technical talent, research guidance, market access, proof of concept implementation, and raising funds, according to the Nasscom report.
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