Bangalore, India, May 13, 2015: India Electronics and Semiconductor Association (IESA), the premier trade body representing the Indian Electronic System Design and Manufacturing (ESDM) industry in association with the Bangalore Chapter of The Indus Entrepreneurs (TiE) announced strong impetus towards the best of breed homegrown start-ups in the Internet of Things (IoT) space. At an exclusive innovation showcase event, organized at the Intel campus in Bangalore, 16 start-ups, selected from a strenuous scrutiny process of 60 preliminary applicants, were provided a platform to showcase path breaking IoT innovations in their respective domains.
The objective was to create and foster an ecosystem to promote start-ups that develop fabless semiconductor and electronic products especially around connected devices or IoT. The start-ups were provided with best-in-class platform by IESA and TiE to showcase their products and pitch about their business to the IESA members and the invited Venture Capitalists.
A jury panel further shortlisted Bangalore based Cardiac Design Labs for a sponsored visit to the prestigious SRII Global Conference on June 7-10, 2015 at San Jose, California. The winner will be provided with a platform to ensure visibility to the Silicon Valley investors, world’s leading companies and academics working in IoT space. Earlier in 2014, IESA had partnered with TiE, Bangalore chapter to promote start-ups and entrepreneurs in fabless semiconductor and electronic products with initial focus on the IoT space.
According to the Department of Electronics and Information Technology (DeitY), the IoT industry in India is expected to be a $15 billion market by 2020. It is expected that India would have a share of 5-6% of the global IoT industry. IESA is also providing inputs to IoT policy, which is currently being drafted by DeitY.
Commenting on the occasion, M.N. Vidyashankar, President, IESA said, “We foresee tremendous growth potential for India’s IoT sector with a large chunk of contribution from the start-up eco-system. Scientists and researchers across the globe are busy developing a host of next gen IoT solutions and we at IESA strongly believe that the country will have a large role in shaping the IoT revolution in the days to come. The future ahead is expected to bring billion dollar domestic market opportunities in IoT and we see it changing the face of India’s ESDM sector in the future. We heartily congratulate these young entrepreneurs for what they have achieved so far and appreciate their constant endeavor to make a positive change in the society that they live in.”
Naganand Doraswamy, President, TiE-Bangalore said, “Internet of Things is the natural phenomenon in the global technology transition where the world in a very short span has moved from the age of computers to laptops to tablets & mobiles and the next wave of growth expected from wearable devices. We are proud to say that the IoT entrepreneurs in our country are as good as any global IoT player and they will certainly make our country proud in the days to come. We are there to support these entrepreneurs to propel their growth engine in the days ahead and wishing them all the great success.”
Jitendra Chaddah, Director, Operations and Strategic Relations, Intel India – “Innovation is immensely important for Intel and we believe it is the key to transforming economies and redefining technology. This is an exciting time for entrepreneurship and IoT in India. With an integrated platform and robust ecosystem including collaboration between the industry, start-ups and the government, Intel is aiming to move IoT from infancy to mass deployment. Besides, with the recently launched ‘Innovate for Digital India Challenge’, Intel is committed to accelerate technology innovation in the ecosystem to build products that help scale technology adoption in India.”
Anand Madanagopal, Founder & CEO, Cardiac Design Labs Pvt. Ltd.: “This is big for us. We are delighted, excited and elated with this honor. When the world is betting big on IoT start-ups, it’s great to witness Intel, IESA and TiE promoting the IoT potential. We feel blessed with their advice and support. We believe we will continue to have their support in our growth journey and drive the IoT space to the next level, together.”
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