IIT-Madras is set to fund sports-tech startups that focus on AI and IoT products. The funds will be provided by IIT-Madras Pravartak Technologies Foundation and CESSA, aiming to create a stronger connection between technology and the sports industry. 

The goal is to develop products and applications that improve sporting performance. 

The startups will receive up to Rs 5 crore in funding and will focus on AI and IoT-based products with sensors, networks, actuators, and controllers. The initiative will also establish a sports tech incubator fund within IIT Madras.

The areas of focus for sports tech include media and entertainment/content/streaming platforms, fan/player engagement/gamification, athlete/player performance measurement and enhancement, team and coach success, esports, sports education, sports data analytics, fan engagement with metrics, insights and gamification, sports commerce, and sports communities.

The shortlisted startups will present their business during the ‘IIT Madras Sports Technology Start-up Conclave’ scheduled for June 14-15 at IIT Madras Research Park. The event aims to be India’s first such conclave for this sector. 

After evaluation by an eminent panel and final assessment by IIT Madras CESSA and Pravartak Technologies, the shortlisted startups and the extent of funding will be finalized.

Ramesh Kumar, Chief Executive Officer of ESSA, and a former global head of ESPNCricinfo, expressed the desire to create a stronger connection between technology and the sports industry to develop products and applications that enhance sporting excellence.

He believes that initiatives like these will create more players in this space and that they will be working closely with both public and private entities toward this end.

Prof Mahesh Panchagnula, Dean (Alumni and Corporate Relations) of IIT Madras and head of CESSA, stated that the conclave will be a turning point in the country’s sports tech innovation practice as India prepares to bid to host the Olympics.

The investment support, after evaluation, can range from Rs 10 lakh to Rs 50 lakh per startup. 

The funding will be based on the business potential with an equity stake by IITM Pravartak Technologies Foundation and support from IITM CESSA during the incubation process. The startups can even be in an idea/initial stage, provided they have incorporated their company and IPR.

IITM CESSA will provide the startups with high-tech sports infrastructure and tech support, along with access to a comprehensive startup ecosystem and data centre available for research.

Shankar Raman, IIT-Madras Pravartak Technologies Foundation, emphasized the importance of encouraging entrepreneurs who use technology to enhance the performance of athletes and make them globally competitive.

As of May 2024, the IIT-Madras Incubation Cell has incubated 351 startups, which have attracted a total investment of Rs 10,425 crore from angel investors and Venture Capitals (VCs) and have a combined valuation of Rs 45,000 crore. 

The startups generated Rs 3,600 crore in revenue during the financial year 2022-23 and ensured jobs for over 10,000 persons, besides filing 210-plus patents.