BENGALURU: Multi-city accelerator GSF has partnered with corporate venture arm of equipment maker Cisco networks to accelerate startups that focus on cloud and Internet-of-Things (IoT). IO represents a connected world in which all devices communicate with each other. India is going through a moving wave. We IoT will be the next wave. Along with Cisco investments, we will help companies gain access to global customers, said the founder of GSF Rajesh Sawhney, whose accelerator has funded 33 companies since its inception in 2012.
The accelerator will look at the hardware and software platforms.During the period of 16 weeks from March, the five selected startups will spend a month in Silicon Valley too. GSF said it will provide $ 45,000 (about Rs 28 lakh) in funding for each of those selected for an 8% startups. "The presence of deep Cisco engineering in India with global engineering teams will play a key role in mentoring entrepreneurs in internet-of-things up a d cloud technologies," said Amit Phadnis, president of engineering and site leader Cisco India.
GSF announced it will invest more in portfolio companies with Cisco after the program. Our collaboration with GSF adds a key pillar of our investment activities under the Innovation Fund of India, said Alok Bardiya, director of corporate development Cisco.Last years, Cisco Investments allocated $ 40 million (about Rs 249, 63 million rupees) to invest in early-stage startups Indians focused mainly on three vertical connecting with mobility, big data and internet-of-things.
This is the third new vertical, two years old, GSF in its throttle format. In recent months, has launched vertically oriented space mobile and digital communication.
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