PanIIT Alumni India and the Government of Andhra Pradesh are joining forces to create the PanIIT Amaravati Venture Fund, which will receive funding of 500 crore rupees. The launch of this deep technology-focused fund took place at the PanIIT Summit in Vijayawada, Andhra Pradesh, on Saturday.
This fund aims to support at least 25 local startups by 2030, as part of a broader strategy to stimulate research, attract capital, and develop manufacturing within the state.
Although the exact distribution of funds among partners has not yet been disclosed, the capital for the fund will be raised from IIT alumni, industry representatives, and institutional investors.
In the context of business development, the company Addverb has demonstrated significant growth over the last decade. It has transformed from a team of five people into a global intra-logistics player with over 1000 employees serving more than 300 clients in 25 countries.
The company offers comprehensive solutions combining hardware (such as AMRs, AGVs, and universal humanoids) with custom software for various industries, including FMCG, electronics, petrochemicals, and energy. Addverb is currently expanding its research in 'physical AI' and plans to double its revenue and increase its global presence to 100 countries over the next decade.
