IN-SPACe launches seed fund scheme for startups using space technology

The Indian National Space Promotion and Authorization Centre (IN-SPACe) on December 4 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.