Altair, a global technology company that provides solutions in product development, high-performance computing, and data analytics, has signed an MoU with the Indian Institute of Technology, Madras – Incubation Cell (IITM-IC) to foster start-up technology access and mentorship.

The MoU establishes cooperation between IITM-IC and Altair to connect, identify, and select relevant start-ups from the incubation cell. Altair will provide the technology access and mentorship to select start-up companies for one year formed under the incubation cell and will institute an award for a start-up that best utilizes simulation technology during the year.

IITM-IC coordinates and leverages synergies in various strands of excellence to drive innovation and entrepreneurship at IIT Madras. This consists of cutting edge research, industrial interactions, India’s first university-driven research park, and a stellar record of incubation in rural, social, and industrial technologies.

“We are happy to collaborate with a prestigious institution like the Indian Institute of Technology, Madras. Considering the government’s push for adoption of deep technology, this mandates industry and start-up companies to explore the latest technologies to develop their products faster,” said business development manager for electro-magnetic solutions," said Manoj Menghrajani. “Applying simulation technology early in the product design process will help start-ups launch a robust product earlier in the market at a much lesser cost.”

"IITM-IC is a deep-tech incubator with many product start-ups. Our partnership with Altair enables access to simulation-driven design, computer-aided engineering, cloud computing, and Internet of Things (IoT) solutions,” said Dr. Tamaswati Ghosh, chief executive officer of IITM-IC. “This is extremely beneficial for product start-ups in our portfolio who are in a unique position where they have innovative solutions for various challenges but are strapped for resources. This program will help them accelerate their growth to new heights. Through this partnership, we are certain that the start-ups will benefit from the expertise and network of a global tech company like Altair.”

What is the IITM Incubation Cell?
IITM-IC is the umbrella body for nurturing and overseeing innovation and entrepreneurship at IIT Madras. With a rich tradition of incubation through bodies such as the RTBI, IIT Madras has also pioneered innovation with groups such as the E-cell, CFI, CSIE and the IITMEF. IITM-IC will leverage these experiences and give entrepreneurship a stronger push as well as serve to coordinate and promote innovation-driven activities at the institute.

IITM-IC seeks to nurture technology and knowledge-based ventures through their start-up phase by providing the necessary support to help entrepreneurs survive in the competitive market and reach a stage where they can scale-up their ventures further. IITM-IC aims to build and share resources including space and infrastructure, access to business support services, mentoring, training programs to enhance entrepreneur, and seed funds.