CIIC goes ahead with SISFS to 12 start-ups

chennai: crescent innovation and incubation council (ciic) today presented the ‘sanction letters’ of the startup india seed fund scheme (sisfs), an initiative by the department for promotion of industry and internal trade, ministry of commerce and industry, government of india to 12 qualified start ups. the sisfs scheme aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization. 12 startups out of 267 have been qualified to receive a total fund of rs. 2.5 crores through ciic after a close- scrutiny by the ismc (incubator seed fund management committee), a committee comprising of an eminent mix of investors, mentors, state-government representatives and successful entrepreneurs. the 12 startups awarded with the fund are, accelered sciences pvt. ltd., chennai; aloe ecellpvt. ltd., lucknow; arma citizens wellness pvt. ltd., chennai; enmaz engineering services pvt. ltd., bengaluru; grittier solutions pvt. ltd., chennai; ismo bio-photonics pvt. ltd., chennai; isoport chamber pvt. ltd., mumbai; qbiogen llp, chennai; simbioen labs & scientific services pvt. ltd., chennai; stylerentpvt. ltd., telengana; vivalyf innovations pvt. ltd., hyderabad; yagen robotics llp, chennai. as of july 2021 the incubator seed fund management committee received a total of 264 applicatoins of which 35 applications where shortlisted out of which 17 applications where selected. of this final list, sanction orders have been issued to 12 applicants. a total fund of 2.5 cr has been allocated for these 12 start ups.