IIM Kozhikode, Cochin Shipyard Awarded Seed Fund Of INR 80 Lakh To Two Start-Ups From Kerala; Check Details Here

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The Indian Institute of Management Kozhikode (IIMK) LIVE and Cochin Shipyard Limited (CSL) have joined hands to provide seed funding of INR 80 lakhs to two start-ups from Kerala.

IIMK

New Delhi: Two potential start-ups from Kerala have received seed funding totaling INR 80 lakh from the Laboratory for Innovation Venturing and Entrepreneurship (LIVE) of the IIMK and CSL as part of the USHUS Scheme.

IIMK LIVE, the IIMK's business incubator, and CSL are leading the USHUS initiative, which supports start-ups in the marine sector by bringing players together and providing technical, regulatory, financial, and marketing support.

NyQuest Innovation Labs and Pelican Thermogenics were chosen by the IIMK LIVE via a thorough selection procedure, according to a press statement issued here on Tuesday. NyQuest Innovation Labs and Pelican Thermogenics both received grants totaling 50 lakh and 30 lakh, respectively, in recognition of their potential.

Prof. Ashutosh Sarkar, Executive Director of IIMK LIVE, and Rakesh Gopalakrishnan, Chief General Manager, presented the awards and signed agreements to that effect in front of representatives of IIM-K LIVE and CSL officials.

Pelican Thermogenics is a woman-owned micro business that has registered with Startup India. It has developed a decentralised modular microwave-based fast dehydration equipment for farmers, farmer producer organisations, and fish processors with the aim of converting fish and fisheries waste into animal feed.

In order to meet the needs of autonomous underwater vehicles, remotely operated vehicles, and unmanned surface vehicles, NyQuest Innovation is developing a hybrid drivetrain (collection of components that deliver mechanical power from the prime mover to the driven components) that can be used as a storage unit or coupled with a power generator.

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