iTNT Hub launched FOUNDATION (Financing Opportunities for Unleashing Deep Tech Advancements & Transformative Innovations) Fund to support TN-based Deep and Emerging Tech startups at Umagine TN 2025.
Through this fund, startups in the focus sectors would get supported by iTNT with a seed fund of up to Rs. 40 lakh per venture. This fund also aims to bring together angel investors, HNIs’, institutional VCs to create the Foundation Network to support the innovation ecosystem of TN.
The iTNT FOUNDATION Fund aligns with the focus areas of iTNT Hub, as notified from time to time.
As on the release of the document, the focus areas are as below:
Through the FOUNDATION Fund, iTNT Hub aims to invest at two key growth stages
Rounds for incubation and initial product development
For acceleration, final product development and market entry
Through this fund, iTNT Hub aims to invest up to INR 40 lakh as
Hybrid shares converting into equity after agreed period
Valuation and terms decided case-by-case with due diligence.
Applications would be received in conjunction with the PATHFINDER incubation & iAccelerate acceleration programs of iTNT Hub.
No separate application would be entertained.
1. The entity should be registered in Tamil Nadu and registered as a Private Limited Company (under Companies Act 2013). In case the company is not registered as a Pvt Ltd Company, 30 days would be provided for the startup to convert to a Pvt Ltd company.
2. The venture should work towards innovation, development or improvement of products or processes with a high potential of employment generation or wealth creation.
3. The entity should not have been formed by splitting up, reconstruction of a business already in existence or as a Subsidiary/Joint Venture/Associate of another Company.
4. Applicant must be an Indian startup. This support is not meant for Indian Subsidiaries of MNCs/Foreign Companies. Persons holding Overseas Citizenship of India (OCI) and Persons of Indian Origin (PIO) would be considered as Indian citizens for the purpose of this scheme. The shareholding by Indian promoters in the Startup should be at least 51%.
Tamil Nadu Technology Hub (iTNT)
3rd Floor, Sir C V Raman Science Block, Anna University Campus, Kotturpuram, Chennai, Tamil Nadu, India – 600025 044 29887718 | office[at]tnthub[dot]org
