R ARIVANANTHAM
CHENNAI, NOV 8
Tamil Nadu Minister for MSMEs T M Anbarasan has on Wednesday launched the nation’s first AI Venture Factory, a Business Incubator powered by the Singapore-based on-premises AI Technology company HaiVE at the premises of St Joseph Group Institutions, Chennai.
Addressing after inaugurating the Technology Business Incubator (TBI), the minister said, “Tamil Nadu is in the forefront in establishing business incubators, facilitated through StartupTN and Guidance Bureau. The government under the dynamic leadership of Chief Minister MK Stalin, has grown leaps and bounds and now it stands No. 3 at the national level in establishing Incubation Centres and creating number of entrepreneurs through these centres. A sum of Rs. 144-crore has been allocated to support Startups in the state.”
- The government under the dynamic leadership of Chief Minister MK Stalin, has grown leaps and bounds and now it stands No. 3 at the national level in establishing Incubation Centres and creating number of entrepreneurs through these centres: T M Anbarasan, Minister for MSMEs
- HaiVE Technology has started the Technology Incubation Centre at an investment of $ 15 Mn with the aim giving training on AI technology to 4,000 students every year
- HaiVE has signed a Memorandum of Understanding (MOU) with St Joseph’s Group of Institutions to launch AI Venture Factory, an AI startup focused technology business incubator (TBI): Deepika Loganathan, CEO & Co-founder of HaiVE
- Dr B Babu Manoharan, Chairman of St. Joseph’s Group of Institutions & Director of AI Venture Factory, emphasizes that the goal of this initiative is to serve as a launchpad for HaiVE’s products and projects
- Partnering with St. Joseph College will offer start-ups access to a skilled talent pool having short-term interns and long-term PhD researchers who will receive the opportunity to be absorbed as employees
HaiVE Technology has started the Technology Incubation Centre at an investment of $ 15 Mn with the aim giving training on AI technology to 4,000 students every year and also mentoring them to create their own businesses, the Minister added.
The state government has established Business Incubation centres at over 101 government and private colleges across the state. An amount of Rs. 41.96 crore has been extended to 153 Startups through StartupTN, the minister said.
Archana Patnaik, Principal Secretary, MSME exhorted the students to become job givers instead of job seekers by effectively using the Incubation Centre launched by HaiVE in association with the institution.
A release from HaiVE said that Archana Patnaik has accepted a proposal to be reviewed and accredited this Incubation Centre as an AI focused TBI.
Deepika Loganathan, CEO & Co-founder of HaiVE, said, “Establishment of the AI Venture Factory marks a historic moment in the journey of artificial intelligence. We are excited to collaborate with the Tamil Nadu government and StartupTN to create India’s first government-accredited AI incubator, offering cutting-edge resources, mentorship, and a nurturing environment for AI startups. 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 time shares, AI scientists’ mentorship and a would be 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”
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She further said, the HaiVE has signed a Memorandum of Understanding (MOU) with St Joseph’s Group of Institutions to launch AI Venture Factory, an AI startup focused technology business incubator (TBI). In its efforts to promote groundbreaking technology startups in Tamil Nadu, StartupTN has accepted AI Venture Factory, making it India’s first government-accredited AI incubator.
Partnering with St. Joseph College will offer start-ups access to a skilled talent pool having short-term interns and long-term PhD researchers who will receive the opportunity to be absorbed as employees.
Arjun Reddy, CEO & Co-founder HaiVE said, “We have 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. HaiVE 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.”
AI Venture Factory to incubate 15 Startups by 2024
The AI Venture Factory is also looking to incubate 15 startups by FY 2024, further enhancing their commitment to fostering innovation and entrepreneurship in the region. Through this collaboration with the Tamil Nadu government and StartupTN, HaiVE is actively 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.
The AI Venture Factory is uniquely positioned to support aspiring AI entrepreneurs, as it offers a two-fold approach. First, as a deep tech research and development company, HaiVE can provide invaluable technological support to incubatees looking to leverage AI for social impact by providing pro bono consulting by HaiVE’s AI Scientists. Second, the AI Venture Factory will provide affordable exotic AI Server Infrastructure. The TBI will also assist startups in securing grants and other forms of funding from the Tamil Nadu government, given its close collaboration with government officials.
Michael Hiller, Co-Founder of Hiller Marine Australia, a HaiVE customer and investor spoke.
Dr B Babu Manoharan, Chairman of St. Joseph’s Group of Institutions & Director of AI Venture Factory, emphasized that the goal of this initiative is to serve as a launchpad for HaiVE’s products and projects.
Aravind Ramesh, MLA, Shollinganallur was also present on this occasion.
