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Honeywell Strengthens Partnership With IISC To Boost Startup Ecosystem And Fuel Local Innovation

Honeywell Strengthens Partnership With IISC To Boost Startup Ecosystem And Fuel Local Innovation

Partnership to support 13 startups with seed capital and infrastructure support 

Bengaluru, February 28, 2022: Honeywell Hometown Solutions India Foundation (HHSIF), the philanthropic arm of Honeywell India, and the Society for Innovation and Development (SID) at the Indian Institute of Science (IISc) have extended their partnership to support 13 new startups to promote research and development (R&D) in deep science and fuel local innovation. HHSIF will provide these startups with seed capital, while SID will offer infrastructure support, access to the right technology, mentoring, and human capital.

Startups focused on R&D in deep science solutions were eligible for funding and support under this partnership. Preference was given to startups with founders from marginalized communities or to those working on solutions that have a direct impact on disadvantaged communities.

Accordingly, startups that have been selected under this round of funding include those working on COVID-19 solutions, developing medical technologies to assist the elderly and differently abled, building eco-friendly specialty fluorescent dyes, creating rapid point of care diagnostics tools for use in limited resource settings, and working on solving issues related to water, sanitation and hygiene (WASH).

“As a technology leader, Honeywell understands the importance of supporting and nurturing startups that are engaged in meaningful research in deep science. We were one of the first companies to dedicate CSR funds to incubate promising technologies. Our partnership with SID is an endeavor towards driving local innovation, fostering a dynamic startup ecosystem and enabling job creation,” said Ashish Gaikwad, Managing Director, Honeywell Automation India Limited and Director, HHSIF.

At SID, our vision is to inculcate research excellence and nurture startup growth by facilitating access to lab infrastructure, technological support, capital, mentorship, and guidance. We believe that this association with Honeywell will act as a catalyst for technological innovation and lead the way for more corporates to form incubation associations through the CSR route,” said Professor B. Gurumoorthy, Chief Executive, SID, IISc.

Honeywell and SID, IISc entered into a partnership last year to support six startups working on deep science solutions, primarily in the healthcare sector. This partnership seeks to strengthen the country’s startup ecosystem and reinforce technology as a key driver of change.

About Honeywell Hometown Solutions India Foundation (HHSIF)

Honeywell Hometown Solutions India Foundation (HHSIF) is a not-for-profit organization that deploys Honeywell’s corporate social responsibility (CSR) efforts in five critical areas: education, skill and research, gender equality, natural resources and the environment, holistic rural development, and disaster management. HHSIF’s programs include Honeywell STEM Education for Youth, a skilling program for women and youth to build a future-ready workforce; Honeywell Model Village for holistic rural development; Honeywell Start-up Support Program for incubation in deep science; Honeywell Center for Advancing Girls in Science at Avasara Academy to promote STEM education among girls; and Honeywell COVID-19 relief.

About Honeywell

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

About the Society for Innovation and Development (SID)

Society for Innovation and Development (SID) is the industry interface of the Indian Institute of Science (IISc). SID coordinates all industry R&D, collaborative developments and science and technology-based business incubation & transformation activities at IISc. SID’s objective is to translate scientific knowledge into practice for the benefit of society. SID has three divisions – CORE Labs that engages with large corporations for multiyear research; TIME2, that works with MSMEs in seeding disruptive innovation; and STEM Cell that incubates deep science startups. So far, SID has executed over 500 projects and has incubated over 60 deep science startups.

Sangita Ghalay