Kanpur (UP), Sep 11 (IANS): The Indian Institute of Technology, Kanpur (IIT-K) incubated startup Noccarc, which had been at the forefront during the peak of Covid-19, has secured a substantial investment from the Small Industries and Development Bank of India (SIDBI).
The investment comes under the SIDBI Seed Equity Support Scheme (S4-SIIC) launched in March 2023 during the annual startup festival Abhivyakti 2023, in IIT Kanpur.
This is an exclusive investment scheme tailor-made to support startups incubated at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur.
According to an IIT-K release, during the peak of the pandemic, Prof. Amitabha Bandyopadhyay, the then Professor In-charge of SIIC, IIT Kanpur, led a team to develop a fully-functional low-cost ventilator within only 90 days.
The Noccarc team came to the limelight by successfully executing the project under the guidance of mentors from IIT Kanpur. They are now revered for bringing out innovations in the critical healthcare sector. The investment from SIDBI will help expand their existing operations and make progress in developing a smart ventilator solution for a global market.
Prof. Abhay Karandikar, Director IIT Kanpur, said on the announcement, “Our technology business incubator SIIC had been a flag bearer during the peak of Covid for facilitating various research and development work to enrich the healthcare system. Noccarc has been a key incubated startup in that domain. I believe that this investment from SIDBI will give more push to the healthcare innovations the startup is aiming to bring and help enrich the country’s critical care sector.”
Nikhil Kurele, IIT-K alumnus and Co-Founder of Noccarc, said: "We are not only thankful for SIDBI's financial backing but also for their trust in us. With their unwavering support, we are poised to venture into uncharted territories of innovation, delivering even more robust and accessible products and services."
The SIDBI Seed Equity Support Scheme (S4-SIIC) comes as a result of a partnership with SIIC IIT Kanpur to invest in startups incubated at SIIC through equity-based seed fund support. Noccarc has been selected for funding following a thorough evaluation.