In collaboration with the Foundation for Science, Innovation and Development (FSID), Indian Institute of Science (IISc), which is well-known for its state-of-the-art deep sciences research, Honeywell Hometown Solutions India Foundation (HHSIF), the philanthropic arm of Honeywell, has provided 37 Indian start-ups mainly focusing on deep science with research and financial support totaling INR 9 crores over the last four years.
Honeywell has provided funding of INR 2.4 crores to 8 start-ups and 5 entrepreneurship-in-residence programs (EIRs) in FY23–24, with an emphasis on agri-tech, clean-tech, health-tech, and green-tech. Honeywell also expects to onboard 10 new start-ups in the current fiscal year.
There are eight to ten start-ups this year, and three to five entrepreneurship-in-residence programs will get funding.
Through this partnership, Honeywell gives start-ups in deep science that are tackling problems in the fields of agriculture, health, and the environment seed money and vital research support. The combination of Honeywell and IISc has proven to be very attractive to nascent businesses over the years. This is because the partnership provides access to cutting edge facilities, allows for connections with government agencies and industry players, and provides a global network of High Net Worth Individuals (HNIs), Angel Investors, Venture Capitalists (VCs), and Micro, Small, and Medium-Sized Enterprises (MSMEs) in India.
Health/med-tech firms like Papyrus Diagnostics Private Limited, Akumen Artificial Intelligence, Hoyasan Labs Pvt Ltd, Cellsion Technologies Pvt Ltd, and Easescan MedTech Private Limited; agri-tech firms like Kaiza Tech and Green Collar Agritech; and clean-tech start-up Mushloop Pvt Ltd all benefited from Honeywell and IISc’s collaborative benefits in FY23–24.
“Honeywell has been at the forefront of automation, digitization 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. Over the past 4 years, we have worked with over 40 start-ups 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 Mr. Ashish Modi, President, Honeywell India.
Prof B Gurumoorthy, Director of FSID and Professor at IISc has said that “Deep Science start-ups are characterized 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.
A Major Startup Propelled by Honeywell and IISc
‘AI Highway,’ a model start-up backed by Honeywell and IISc, provides affordable cardiac illness screening tools that use AI and sophisticated signal processing to screen, identify, and forecast cardio-respiratory problems. This invention has the potential to reduce the workload for cardiologists and address India’s severe professional shortage—which is estimated to number over 84,000—of cardiologists.
Furthermore, the money was utilized by OpenWater.in, a startup that treats wastewater, to build and implement a system capable of treating 25,000 liters per day in Mavallipura, a village situated around 20 kilometers north of Bengaluru. Because of solid waste from the nearby landfill contaminating the water sources, the groundwater quality in this area is quite low. A groundwater pollution treatment method has been implemented by OpenWater.
A grant from Honeywell supports the Medtech start-up Dfine Bio Innovations Pvt ltd. The startup has created the first-ever hemostatis system made entirely in India, called FibriTimer Zeta-1. Zeta – 1 employs proprietary dual technology to assist medical professionals in comprehending human flaws related to thrombosis and bleeding occurrences. Zeta 1 is intended for use in clinical laboratory settings by professionals. The product is a life-saving tool that has received CDSCO approval and ISO certification. The product is priced far lower than comparable goods on the market.
