IIT Madras Collaborates With French Firm To Set Up 100 Million Euros Start-up Hub

Aiming to establish an innovation hub for startups, the Indian Institute of Technology, Madras (IIT Madras) has collaborated with the French aerospace and defense firm Starburst Accelerator SARL.

With substantial funding support of 100 million euros, the partnership between Starburst Accelerator SARL and IIT Madras seeks to set up an accelerator programme tailored to propel the country's Aviation, Space, and Defense (ASD) ecosystem forward. Through this strategic alliance, Starburst aims to pave the way for the creation of venture capital funds dedicated to ASD technology.

To set up accelerator programs to boost Aviation, Space, and Defence (ASD) ecosystem in India, @iitmadras is partnering with French aerospace and defence firm @starburstaero Accelerator SARL to set up an #innovative hub for #startups with a funding support of 100 Million Euros. pic.twitter.com/AedrE3HDbL

— IIT Madras (@iitmadras) March 26, 2024

The memorandum of understanding (MoU) was signed on the IIT Madras campus on March 25, underscoring the commitment of both parties to foster innovation and entrepreneurship.

This collaboration aims to position India as a leading hub for ASD innovation, facilitating export promotion, and providing a gateway for Indian startups to explore international markets. It also aims to help entrepreneurs and innovators in India by providing opportunities to leverage new technologies and business ideas in the aerospace and defense sectors.

Expressing optimism about the collaboration, FranA§ois Chopard, Founder and CEO, Starburst Aerospace remarked, "We believe it is the right momentum to foster the emergence of pioneering technological innovations in India. We're proud to collaborate with IIT-Madras and aim to create a robust ASD ecosystem supporting innovation and production in India."

Professor V Kamakoti of IIT Madras emphasised the significance of nurturing startups in critical sectors, stating, "Such collaborations with accelerators to nurture startups in critical and emerging sectors are crucial and timely."