37 startups from over 10 countries competed for the USD 1 Million Dollar (~INR 7.5 Crore) grant from the Government of Andhra Pradesh at the just concluded Vizag Fintech Festival held from October 22-26, 2018.
The Government of Andhra Pradesh, in strategic collaboration with its challenge partners, DCF Ventures and Bizofit have selected two startups each from Fintech, Agritech and Emergetech, as winners of the first ever $1 Million Global Startup Challenge.
Agritech: 1st prize – 3Bar Biologics, 2nd prize – Bee Hero, Special Recognition – Fupple Drones;
Emergetech: 1st prize – Matisoft Cyber Security Labs, 2nd prize – Desolenator, Special Recognition – Nanowear
Fintech: 1st prize – NeoEYED, 2nd prize – Lapetus Solutions, Special Recognition – Asset Vault
24 startups have won $ 10,000 (~INR 7,50,000) each while two were tied for the award of $ 5,000 each (~INR 3,75,000). Due to the superior quality of the startups and the overwhelming response, an additional 11 startups were selected to pitch at the Grand Finale. All the 37 startups had an opportunity to exhibit at the Vizag Fintech Festival to more than 1500 global delegates comprising of VCs, angel investors and corporate partners.
All the winners and finalists were awarded prizes by the Hon’ble IT Minister of Andhra Pradesh, Sri. Nara Lokesh. In addition, Mr. John Ason, a prolific angel investor from the US, who was part of the jury made an investment of USD 25,000 each in four (4) startups namely Algosurg, Intellolabs, Rewire, and Orbo.
Furthermore, almost 40% of the startups attracted informal interest from the investors through these roadshows already, and some of these investors were present on the demo day. The startups were selected after roadshows in San Francisco, Chicago, New York, Bay area, Tel Aviv, London, Paris, Hong Kong and Bengaluru. Finalists in each category will receive USD 10,000 (~ INR 7.5 lacs) each. 1 Million $ Challenge winners will be announced on vizagfintechfestival.com at 6:00 pm on October 25th. The awards were presented by Hon’ble IT Minister of Andhra Pradesh, Shri Nara Lokesh to all the winners on the same day.
The finalists and winners of the challenge will also be supported by Fintech Valley Vizag in enabling them to set up operations and to grow their business in the State of Andhra Pradesh. “Across the world, we have seen unique innovations through the roadshows. The challenge proved to be a great platform to showcase expertise to enable a better socioeconomic society. Andhra Pradesh’s initiative through this challenge will boost the Indian digital transformation and also bring the best solutions from around the world to the people of India” said Mr JA Chowdary, Special Chief Secretary and IT Advisor to the Hon’ble Chief Minister of Andhra Pradesh.
“With a huge database of entrepreneurs and innovative strategies, we would like to provide entrepreneurs with global platforms and contribute for the development of our economy. We are humbled to be a part of new journey started by Government of Andhra Pradesh” said Ms. Lakshmi Potluri, the CEO of DCF Ventures.
“Bizofit is pleased to have partnered with the Government of Andhra Pradesh to help build a robust innovation ecosystem, and in the process, help transform India from an IT Services destination to a destination for innovation & digital transformation. We are excited to have signed a MoU with the Government of Andhra Pradesh in this regard” said Mr. Bala Palamadai, the Founder & CEO of Bizofit.
Source: BW Disrupt
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