startups

Andhra Pradesh announces winners of $1-million startup challenge


HYDERABAD: The Andhra Pradesh government announced the winners of the first $1-million Global Startup Challenge on Friday.

Six startups were selected in three categories — fintech, agritech and emergetech — and three of them received $150,000 (about Rs 1.1 crore) each for first prize while other three startups won $100,000 (Rs 73 lakh) each for second prize.

Matisoft Cyber Security Labs, 3Bar Biologics and NeoEYED secured first prizes while Bee Hero, Desolenator and Lapetus Solutions obtained the second prizes, the state government said in a statement. The winners were announced at the concluding session of the Vizag Fintech Festival 2018 held at Visakhapatnam.

The government, in collaboration with DCF Ventures and Bizofit, selected the winners of the competition after roadshows in San Francisco, Chicago, New York, Tel Aviv, London, Paris, Hong Kong and Bengaluru.

In all, 37 startups from 10 countries competed for the $1-million challenge. The panel selected 24 startups for cash prizes of $10,000 each and two startups for a prize of $5,000 each.

Apart from the cash prizes given to the first and second prize winners in three categories, the government will also provide access to data and market. Besides, US-based angel investor John Ason, who was part of the jury, announced investment of $25,000 each in four startups.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.