Chennai, 8th November 2023: HaiVE, a leading on-premise AI company headquartered in Singapore, 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.
The launch event, held on November 8, 2023, was attended by over 5,000 participants and graced by Thiru T.M. Anbarasan, Hon’ble Minister for Micro, Small and Medium Enterprises (MSME), Government of Tamil Nadu. Michael Hiller, Co-Founder of Hiller Marine Australia, a HaiVE customer and investor, was the chief guest of the event.
The esteemed St. Joseph Group of Institutions will serve as the host institution for HaiVE’s AI Venture Factory, a Section 8 TBI. During the launch event, Dr. B. Babu Manoharan, Chairman of St. Joseph’s Group of Institutions, and now Director of AI Venture Factory, emphasized that the goal of this initiative is to serve as a launchpad for HaiVE’s products and projects.
Luminaries such as Tmt. Archana Patnaik, IAS, Secretary – MSME Department accepted a proposal to be reviewed and accredited as an AI focused TBI. Thiru. Aravind Ramesh, MLA, Shollinganallur and many more were also present to inaugurate this event.
In Thiru. Sivaraja Ramanathan, Mission Director & CEO’s stead, Mr Dinesh Sundaravelu VP at StartupTN, acknowledged the proposal to review and accredit AI Venture Factory as an AI Focused Business Incubator launched by both Corporate and Academic bodies, marking a significant stride towards establishing a recognized hub for AI development and entrepreneurship.
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 probono 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. 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.
Commenting on the event, Deepika Loganathan, CEO of HaiVE, said, “The 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 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”
Thiru T.M.ANBARASAN, Minister for Micro, Small and Medium Enterprises, Government of Tamil Nadu, said, Tamil Nadu has established a large number of business incubators, facilitated through StartupTN. These incubators provide financial assistance and act as a connecting platform for aspiring entrepreneurs across different sectors. A substantial amount of Rs. 144 crores has been allocated specifically for this esteemed financial support in the annual budget.
HaiVE has 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.
This initiative aims to boost economic growth by nurturing and empowering startups and small businesses, ultimately contributing to the overall prosperity of the state of Tamil Nadu.
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.