Friday, April 12, 2024
ad
HomeNewsMeta to incubate 40 early-stage extended reality startups from India

Meta to incubate 40 early-stage extended reality startups from India

Meta will also conduct a grand challenge for individual innovators from different sectors including education, healthcare, gaming and entertainment, agri-tech, tourism, and climate.

Meta has announced that it will incubate 40 early-stage extended reality (XR) startups from India by providing a grant of ₹20 lakh to each as part of a new accelerator called the XR Startup Program. This will be in collaboration with the Ministry of Electronics & IT (MeitY).

Moreover, Meta will also conduct a grand challenge for individual innovators from various sectors, including education, agri-tech, tourism, climate, healthcare, gaming, and entertainment. These innovators will be given support to get their XR products ready for the market. 

At first, 80 innovators will be selected for a boot camp, out of which 16 will receive a grant of ₹20 lakhs each to develop a Minimum Viable Product (MVP) or prototype. Both the grand challenge and accelerator will also help support startups and innovators to build customer connections and acquire new partnerships and funding opportunities.

Read More: Meta Helps Universities To Get Their Own Virtual Reality Campuses, Invests $150 Million

XR consists of all immersive technologies such as virtual reality (VR) and augmented reality (AR) that provide real-world experiences in a virtual world and virtual experiences through real-world objects and spaces using head-mounted displays or smartphones.

The startup program is being implemented in the AIC SMU Technology Business Incubation Foundation (AIC-SMUTBI), Gujarat University Startup and Entrepreneurship Council (GUSEC), International Institute of Information Technology Hyderabad Foundation (CIE IIIT-H), and IIT Delhi’s Foundation for Innovation and Technology Transfer (FITT).

According to Meta, the startup program is being supported by the company’s XR Programs and Research Fund, which will provide US$50 million in funding over two years to XR startups in collaboration with governments, non-profits, industry partners, and academia.

Subscribe to our newsletter

Subscribe and never miss out on such trending AI-related articles.

We will never sell your data

Join our WhatsApp Channel and Discord Server to be a part of an engaging community.

Sahil Pawar
Sahil Pawar
I am a graduate with a bachelor's degree in statistics, mathematics, and physics. I have been working as a content writer for almost 3 years and have written for a plethora of domains. Besides, I have a vested interest in fashion and music.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular