Ansys and iTIC signed a Memorandum of Understanding (MoU) to empower technology start-ups in the field of engineering simulation.
IIT Hyderabad Technology Incubation Center (iTIC) and Ansys Software Private Limited, a major engineering simulation software company in India, have joined forces to leverage the strengths of both organisations to empower technology start-ups in the field of engineering simulation.
“Ansys is excited about the collaboration with IIT Hyderabad's iTIC Incubator, as this partnership emphasises our unwavering commitment to fostering innovation and empowering technology start-ups in India. Through this collaboration, Ansys is dedicated to providing crucial resources for IITH Start-up Companies at a start-up price point to catalyse technological advancements and support the vibrant entrepreneurial ecosystem in the country. We look forward to playing a pivotal role in the growth journey of these startups, driving engineering excellence, and contributing to India's innovation landscape.” said Mike Yeager, area vice president of sales, India and Japan, Ansys
Last year, iTIC Incubator entered into a Memorandum of Understanding (MoU) with Hexagon Capability Center India, the primary research and development hub of Hexagon AB. iTIC, a Not-For-Profit Society, is dedicated to fostering a nurturing environment for emerging entrepreneurs in the technology sector.
The incubator focuses on deep tech industries such as Healthcare, AI/ML, Quantum Computing, AR/VR, Cybersecurity, Robotics, IoT, Industry 4.0, Blockchain, Electronics, Advanced materials, Drones, Biotechnology, and more.
Since its establishment in 2015, iTIC has supported over 130 startups through various programs and has provided over Rs 8 crores in funding. To date, iTIC startups have generated revenues exceeding Rs 1200 crores and have created over 1000 jobs, as per the latest available data.