The Indian Institute of Technology (IIT), Kanpur incubated healthcare startup ‘Noccarc’ has secured seed funding from apex refinancer Small Industries and Development Bank of India (SIDBI).
Noccarc was at the forefront during the peak of COVID-19 pandemic. The investment comes under the tailor-made SIDBI Seed Equity Support Scheme launched in March 2023.
In fact, this is an exclusive investment scheme to support startups incubated at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur.
Responding to the clarion call to develop robust healthcare solutions to mitigate the pandemic bred crisis, Prof Amitabha Bandyopadhyay – the then Professor In-charge of SIIC – had led a team to develop a fully-functional low-cost ventilator within only 90 days.
The Noccarc team hogged the limelight by successfully executing the project. The SIDBI investment will help expand their existing operations and make progress in developing a smart ventilator solution for a global market.
Prof Abhay Karandikar, IIT Kanpur director, said, “Noccarc has been a key incubated startup…investment from SIDBI will give more push to the healthcare innovations the startup is aiming to bring and help enrich the country’s critical care sector.”
Nikhil Kurele, IIT Kanpur alumnus and Noccarc cofounder, noted, “We are poised to venture into uncharted territories of innovation, delivering even more robust and accessible products and services.”
S Ramann, SIDBI CMD affirmed, “Through this investment, we are opening doors to a new era of innovation for startups. We remain committed to supporting such groundbreaking initiatives, which will propel New Bharat onto the global innovation stage.”
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Meanwhile, there are over 150 startups within the SIIC, IIT Kanpur ecosystem at various stages of development and operation.