Hyderabad, 23rd January 2017: In a first move of its kind to foster innovation in AR/VR space, T-Hub in partnership with Facebook has kick-started “India Innovation Hub Accelerator Program” in the city today. The main agenda behind this program is to discover amazing startups that are working in the field of AR/VR in India. T-Hub and Facebook will aid the start-ups with cutting edge technology to scale using innovation programs, global outreach and technology depth.
Start-ups, which are in the space of AR/VR application to Healthtech, Industrial Manufacturing, Education, Corporate Learning & Development, Hardware and Accessories Positioning, Gesture and Eye tracking, mobile hardware and enablement, video processing, developer tools, camera, capture technology, can participate in this program. The start-ups selected as part of this program will have an opportunity to work and scale up under the aegis of Facebook. The start-ups will be given an opportunity to develop Proof of Concept (PoC) on the prioritized solution and showcase their PoC to key executives of Facebook & T-Hub during the ‘Demo Day’ at T-Hub Hyderabad. Also, the qualified start-ups will be directly accepted to the Fb Start program and could access T-Hub’s network of mentors, industry experts, investors, service providers, and community/ecosystem.
Speaking on the occasion, Jay Krishnan, CEO, T-Hub, said, “AR/VR today has started to gain traction in industries ranging from – entertainment, gaming, communication and industry. The Indian AR/VR market yet nascent is expected to grow at a compound annual growth rate (CAGR) of 76 per cent over the next five years, fuelled by demand from business and consumer sectors. Our intent, as an ecosystem enabler is to partner with pioneers like Facebook and explore new frontiers that are relevant for India like Healthcare, education etc with AR/ VR and XR. We are extremely excited to be playing a part in enabling and accelerating innovation in this space for India with Hyderabad as the epicenter.”
According to GrowthEnabler’s estimates, there are close to 1,500 start-ups in the AR/VR segment worldwide, with the US accounting for nearly 45 per cent, followed by the UK, Israel and Canada. Globally, from 2013 to 2017, the AR segment has received $2.5 billion and VR $2.7 billion in funding.
“We understand the challenges start-ups face to get their ideas off the ground and we are committed to paving the way for the next generation of startup success in the country. Through our Accelerator Program with T-Hub, we want to provide the right support, training and mentorship they need to explore the potential of emerging technologies” said, Satyajeet Singh, Head of Platform Partnerships, Facebook India and South Asia.
In India, of the 100 AR start-ups, only 5 per cent have received any form of capital investment of $1-1.5 million. Of the 70 VR start-ups, only a handful have raised any seed/angel capital. Even the top 15 AR/VR start-ups that GrowthEnabler has identified based on over 50 parameters, have collectively raised under $3 million in funding. But all that is going to change in the next five years.
The India Innovation Hub Accelerator Program kicks off today and will be open for startups across India to apply. Promotional activities will be organized throughout the applications phase, followed by shortlisting of startups in Hyderabad. The finalists will be invited to participate in a 3-month accelerator program at T-Hub, where they will be mentored by subject matter experts and industry experts to help shape the startup ideas.