Cochin Shipyard Limited has joined hands with IIMK LIVE, a business incubator of the Indian Institute of Management Kozhikode, to award seed funding worth 80 lakh INR to two innovative startups based in Kerala. The USHUS initiative launched by both enterprises nurtures start-ups in the maritime sector by bringing stakeholders to support, into the regulatory, financial, marketing, and technical aspects. The awards went to M/s NyQuest Innovation Labs Pvt Ltd and M/s. Pelican Thermogenics Pvt Ltd, tagged as the standout start-ups. NyQuest Innovation Lab won a sum of 50 lakhs INR, while Pelican was awarded 30 lakhs INR as seed funding.
NyQuest Innovation’s area of focus is to design a hybrid drivetrain that can be used in Autonomous Underwater Vehicles, Remotely Operated Vehicles, and Unmanned Surface Vehicles as a storage unit or coupled with a power generator. On the other hand, Pelican Thermogenics is a woman-led business that has developed a decentralized modular microwave-based rapid dehydration equipment to convert fish/fisheries waste into animal feed. The initiative has spurred young talent and fueled innovation in the marine space with financial support, backing, and mentoring provided jointly by IIMK LIVE and CSL.
Shri Madhu S Nair, CMD CSL, congratulated the selected start-ups and expressed his hope that this program would catalyze the maritime start-up ecosystem and facilitate more significant participation in the relatively untapped sector. The USHUS start-up framework developed by Cochin Shipyard Limited and IIMK LIVE is aimed at creating innovative products and solutions to boost the marine industry. To avail of incubation support, interested start-ups can visit the IIMK LIVE website and apply for the next round of the start-up selection program, which begins on July 20, 2023. The upcoming rounds may offer funding of up to Rs. 1 Crore as grants and direct equity funding from Cochin Shipyard Limited.
