Honeywell India funds deep science startups through partnership with IISC

Honeywell Hometown Solutions India Foundation (HHSIF), the philanthropic arm of Honeywell in association with Foundation for Science, Innovation and Development (FSID), Indian Institute of Science (IISc), known for its pioneering in-depth scientific research, has expanded research and financial support to 37 Indian startups, raising capital worth INR 9 crores in the last four years. With an intensive focus on agritech, cleantech, healthtech and greentech, Honeywell has extended funding worth INR 2.4 crores to 8 start-ups and 5 entrepreneurship-in-residence programs (EIRs) in FY23-24, and further plans to attract ten new start-ups in the current financial year.

Through this partnership, Honeywell will provide seed funding and essential research support to deep science startups focused on addressing environmental, agricultural and health challenges. Over the years, the synergy between Honeywell and IISc has been highly sought after by emerging start-ups as the partnership not only provides them with seed capital but also increases access to state-of-the-art facilities and connects with industry and government stakeholders. agencies, a global network of high net worth individuals (HNIs), angels, venture capitalists (VCs) and micro, small and medium enterprises (MSMEs) in India.

In FY23-24, Honeywell and IISc partnership benefits were extended to healthcare/medical technology companies such as Papyrus Diagnostics Private Limited, Akumen Artificial Intelligence, Hoyasan Labs Pvt Ltd, Cellsion Technologies Pvt Ltd and Easescan MedTech Private Limited; and to agritech companies such as Kaiza Tech and Green Collar Agritech; as well as cleantech start-up Mushloop Pvt Ltd.

“Honeywell has been at the forefront of automation, digitalization and sustainability for decades. Our long-term partnership with IISc is a testament to our commitment to strengthening local innovation and empowering emerging businesses in India. Our core focus is not only to provide financial support, but also to encourage in-depth scientific/technological research that stimulates the innovative power of these companies. Over the past four years, we have worked with more than forty start-ups and will onboard another ten in the coming financial year. Together with IISc, we are cultivating a fertile ecosystem for these companies, making a tangible impact on society,” said Ashish Modi, President, Honeywell India.

Prof B Gurumoorthy, Director of FSID and Professor at IISc has said that “Deep Science start-ups are characterized by long gestation periods, require significant upfront capital and access to world-class laboratories and cutting-edge tools to take their innovation from the laboratory to the market to take. Honeywell has been an excellent partner for us on this journey, providing our entrepreneurs with much-needed capital and intellectual support as they continue their journey. Jamsetji Tata noted that “what moves a nation or community forward is to elevate its best and most gifted people so that they can render the greatest service to the country.” Honeywell’s CSR support helps raise the ceiling for Deep Science startups.

The number of startups this year will range from 8 to 10 and approximately 3 to 5 entrepreneurship-in-residence programs will be supported. An exemplary startup backed by Honeywell and IISc is ‘AI Highway’, which offers cost-effective heart disease screening systems that use advanced signal processing and AI capabilities that can screen, detect and predict cardiac and respiratory disorders. This innovation has the potential to ease the burden on cardiologists and address the significant shortage of professionals in India, estimated at over 84,000. Additionally, OpenWater.in, a wastewater treatment start-up, used the grant to design and implement a 25,000 litre/day system in Mavallipura, a village about 20 kilometers north of Bengaluru city. The quality of groundwater here is extremely poor due to solid waste in the landfill near the village, which has led to pollution of the water sources. OpenWater has deployed a solution that treats contaminants in groundwater.

Dfine Bio Innovations Pvt ltd is a Medtech start-up supported by a Honeywell grant. The startup has developed an indigenously built hemostasis system called FibriTimer Zeta-1 (a first for an Indian company). Zeta – 1 uses the patented dual technology and helps doctors understand the defects in people due to bleeding and thrombosis. Zeta 1 is designed for professional use in clinical laboratory settings. The product is ISO certified and approved by CDSCO and is a life-saving device. The product is priced significantly cheaper than the available products on the market.