Pune: SAT Private Limited, a burgeoning startup incubated by the Foundation for MakeitHappen Center for Invention, Innovation, and Incubation (FMCIII) at Marathwada Mitra Mandal, has successfully secured an investment of $2.5 million from Filtrum LLP.
This funding is designated to advance the development and deployment of smart meters as part of the Smart Meter National Program (SMNP). The announcement was made by Bhausaheb Jadhav, Executive President of Marathwada Mitra Mandal.
The event took place at FMCIII, located within the Marathwada Mitra Mandal's College of Engineering in Karvenagar, Pune. Attendees included Kishor Mungale, Secretary of Marathwada Mitra Mandal; Dr. Vijay Gohokar, Principal; Dr. Chandrashekhar Talathi, CEO of FMCIII; Vyankatesh Shete, Founder of SAT; and representatives from other incubated startups.
Jadhav highlighted that Marathwada Mitra Mandal has consistently focused on fostering research, technological excellence, skill development, and entrepreneurship.
The establishment of FMCIII aligns with their mission to nurture a culture of innovation and support startups through various stages of development.
The $2.5 million investment in SAT is seen as a significant achievement and a testament to the foundation's commitment to entrepreneurial growth.
Dr. Chandrashekhar Talathi elaborated on FMCIII’s role, explaining that the center, a non-profit initiative founded in 2018 in partnership with Tata Technologies Limited and the Science and Technology Park at Savitribai Phule Pune University, provides essential infrastructure and support for startups.
The center offers laboratories, offices, computer rooms, 3D printers, CNC machines, and other resources crucial for startup development. It also facilitates startup exhibitions, industry visits, training sessions, and mentoring from seasoned professionals.
Talathi outlined the four stages of startup development: ideation, prototyping, funding, and production. SAT’s success, along with other startups like Pets and Me, Scitus Healthcare, and Whiz Gizmo, demonstrates the efficacy of FMCIII’s incubation process.
To date, FMCIII has supported approximately 65 startups, with over INR 1.5 crore in funding allocated through various schemes including the Startup India Seed Fund Scheme.
Vyankatesh Shete, Founder of SAT, credited FMCIII with pivotal support in bringing the Smart Prepaid Energy Meter project to fruition. SAT received initial seed funding of INR 10 lakh from FMCIII and has since achieved certification from the Bureau of Indian Standards and a Letter of Intent worth INR 1500 crore.
The recent investment from Filtrum LLP will enable SAT to contribute to the installation of smart meters under the SMNP, with a target of deploying around six crore meters nationwide.
Kishor Mungale lauded FMCIII's efforts in promoting the startup ecosystem and acknowledged the significant milestone of securing substantial investment for SAT. He noted that such achievements inspire and encourage other startups and engineering students.
Dr. Vijay Gohokar, Principal of MMCOE, emphasized the importance of the innovation and incubation center in providing students with hands-on experience and fostering a startup culture. The center's initiatives, including industrial visits, workshops, and guidance sessions, play a crucial role in transforming student research into viable products and ventures.
FMCIII Highlights:
Collaboration with Tata Technologies and Science and Technology Park, Pune
12,000 square foot facility with a 30 crore rupee investment
16.5 crore rupees in financial support from Tata Technologies Limited
Capacity to support up to 100 startups concurrently
Comprehensive support for startup development including infrastructure, mentorship, and funding
Encouragement for ventures across technology, biotech, finance, agriculture, and pharma sectors