Venture Catalysts ties up with Plug & Play
Local seed investment and innovation platform Venture Catalysts has partnered with global incubator and seed fund Plug & Play International to help Indian startups get exposure to Silicon Valley entrepreneurs and investors.
To begin with, they will send two Indian startups working on artificial intelligence to the Valley in February for a “three-month experience,” said Apoorv Ranjan Sharma, co-founder of Mumbai-based Venture Catalysts.
Valley-based Plug & Play had invested in and mentored the likes of Google, PayPal and Dropbox. In this first of its kind partnership, the two partners are targeting startups developing technology that have the potential to be global winners to help them with networking and mentoring.
“Interest in service-oriented startups is on the decline, we are more interested in tech and global product based startups,” Sharma said. The two artificial intelligence startups they have picked specialize in image processing and insurance.
“Startup culture in India is touching new heights, with budding entrepreneurs looking for all-round solutions. We are looking to identify fresh talent and nurture them, bridging the gap between Silicon Valley and India,” said Yael Oppenheimer, international operations manager at Plug &Play International.
In addition to sending Indian tech startups to Silicon Valley for mentorship and potential funding opportunities, Venture Catalysts will look to raise capital for startups based in the US. According to Sharma, at least 10 would be sent to Silicon Valley on a yearly basis, beginning 2016.