· In last 4 years of its partnership with the Indian Institute of Science, Honeywell has supported 40+ start-ups
· Plans to onboard 10 startups in FY24-25, fuelling local innovation in areas like sustainability, med-tech, and cleantech among others.
· Influences strategic progressions in sustainability, healthcare, agriculture and environment conversation in partnership with Foundation for Science, Innovation and Development (FSID) at Indian Institute of Science (IISc)
Bengaluru, NFAPost: Honeywell Hometown Solutions India Foundation (HHSIF), the philanthropic arm of Honeywell, in partnership with Foundation for Science, Innovation and Development (FSID), Indian Institute of Science (IISc), renowned for its cutting-edge deep sciences research, has extended research and financial support to 37 Indian startups, extending capital worth Rs 9 crores over the last four years.
With intensive focus on agritech, cleantech, healthtech and greentech, Honeywell has extended funding worth Rs 2.4 crore in FY23-24 to 8 startups and 5 entrepreneurship-in-residence programmes (EIRs), and further plans to on-board 10 new startups in the current fiscal.
Through this collaboration, Honeywell provides seed funding and essential research support to start-ups in the realm of deep science focusing on addressing environmental, agricultural and health challenges.
Over the years, the synergy between Honeywell and IISc has been highly sought after by emerging startups as the partnership not only offers them seed capital, but also extends access to state-of-the-art facilities, connect with industry stakeholders & government bodies, global network of High Net Worth Individuals (HNIs), Angels, Venture Capitalists (VCs) as well as Micro, Small & Medium Enterprises (MSMEs) in India.
In FY23-24, Honeywell and IISc’s collaborative benefits were extended to health/med-tech companies like Papyrus Diagnostics Private Limited, Akumen Artificial Intelligence, Hoyasan Labs Pvt Ltd, Cellsion Technologies Pvt Ltd and Easescan MedTech Private Limited; and to agri-tech companies like Kaiza Tech and Green Collar Agritech; as well clean-tech start-up Mushloop Pvt Ltd.
Honeywell India President Ashish Modi said Honeywell has been at the forefront of automation, digitisation and sustainability over many decades.
“Our long standing partnership with IISc is a testament to our commitment to bolstering local innovation and empowering emerging businesses in India. Our core focus is not just to extend financial support but also to encourage deep science/tech research which fuels the innovative prowess of these businesses,” said Honeywell India President Ashish Modi.
Over the past 4 years, Honeywell India President Ashish Modi said the company has worked with over 40 startups and will be on-boarding another 10 in the upcoming financial year.
“Together, with IISc, we are cultivating a fertile ecosystem for these companies, making a tangible impact on society,” said Honeywell India President Ashish Modi.
FSID Director and IISc Professor B Gurumoorthy said that Deep Science startups are characterised by long gestation periods, require significant upfront capital and access to world-class labs and sophisticated tools to take their innovation from lab to market.
“Honeywell has been an outstanding partner for us in this journey providing the much-needed capital and intellectual support to our entrepreneurs in furthering their journey. Jamsetji Tata, remarked that “what advances a nation or a community is to lift up the best and the most gifted, so as to make them of the greatest service to the country.” The CSR support from Honeywell helps raise the ceiling up for Deep Science start-ups,” said FSID Director and IISc Professor B Gurumoorthy.
This year’s startups range from 8 to 10 and around 3-5 entrepreneurship-in-residence programs will be supported.
An exemplary start-up supported by Honeywell and IISc is ‘AI Highway,’ offering cost-effective cardiac disease screening systems leveraging advanced signal processing and AI capabilities that can screen, detect and predict cardio-respiratory disorders.
This innovation holds the potential to alleviate the burden on cardiologists and address the significant shortage of professionals in India, estimated at over 84,000. Additionally, support to OpenWater.in, a start-up that provides wastewater treatment, used the grant to design and deploy a 25000 litres/day system at Mavallipura, a village about 20kms north of Bengaluru city.
The quality of groundwater here is extremely poor due to solid waste on the landfill close to the village that led to contamination of the water sources. OpenWater has deployed a solution that treats contamination in ground water.
Dfine Bio Innovations Pvt ltd is a Medtech startup supported by Honeywell grant. The startup has developed an indigenously built hemostatis system named FibriTimer Zeta-1 (a first by any Indian Company). Zeta – 1 uses the patented dual technology and helps clinicians in understanding the defects in humans for bleeding and thrombosis events. Zeta 1 is designed for professional use in clinical laboratory setup. The product is ISO certified and approved by CDSCO and is a life-saving device. The product is priced significantly below available products in the market.
About Honeywell Hometown Solutions India Foundation (HHSIF)
The Honeywell Hometown Solutions India Foundation (HHSIF) is a non-profit arm of Honeywell dedicated to deploying corporate social responsibility initiatives across India. It focuses on education, humanitarian relief, and sustainable community development. In education, HHSIF spearheads skill-focused programs in STEM, boosting research at Institutes as well as supporting start-ups into deep science.
In sustainable community development the focus is on building resilient communities through building healthcare infrastructure, pushing sustainable rural livelihood, WASH and natural resource conservation through technology-led solutions. The company has committed to planting a million trees under its Plant the future program in this decade. Since inception the company has impacted over 6 million lives across 400+ villages and 12 states.
About Foundation for Science, Innovation and Development (FSID):
Society for Innovation and Development was set up in 1991 in close collaboration with Indian Institute of Science (IISc) Bangalore. In 2020, based on the recommendation of MoE, a new section 8 entity called Foundation for Science, Innovation and Development (FSID) was setup by IISc as a successor to SID. IISc is one of the premier institutions in the world in the area of deep science. It has more than a hundred illustrious years of history in the creation of original knowledge and furthering the frontiers of science and technology.
FSID was founded to use this incredible repository of knowledge, world class infrastructure and talent (which it has access to by virtue of its umbilical connection with IISc) to help business enterprises and thereby the economy and the nation at large. Since its inception it has evolved and refined its model of engagement and now actively takes forward its mission through its four divisions- CORE that engages with large corporations in collaborative research, TIME2 that works with midsized enterprises to put them on a disruptive growth path via innovation; SEED that works with rural ecosystem to solve India’ most pressing problems using research and engineering and STEM that incubates start-ups that have deep science and societal impact at the core.
