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Pooja D
Aug 05 2020

India as Emerging Global Hub for Deep Tech: Tat Ignite Webinar Summary

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India as Emerging Global Hub for Deep Tech: Tat Ignite Webinar Summary
<p>On 29th July 2020, Tat Capital hosted a <a href="" target="_blank">webinar</a>&nbsp;along&nbsp;with Sanjay Jain &amp;&nbsp;Som Pal&nbsp;Choudhury, Partners, <a href="" target="_blank">Bharat Innovation Fund</a> on <strong>&#39;India as Emerging Global Hub for&nbsp;Deep Tech&#39;</strong>.</p> <p>Partners Som and Sanjay gave a brief insight into the history of startup evolution in India,&nbsp;the promising future of deep tech, the trajectories in current&nbsp;scenario &amp; more. Following which, four&nbsp;speakers from growing deep tech companies presented their unique value offering in this niche tech space. Presenting startup speakers:&nbsp;Bikash Barai,&nbsp;CEO &amp; Co-Founder,&nbsp;<a href="" target="_blank">Firecompass</a>, Daniel David, CEO &amp; Founder, <a href="" target="_blank">DeTect Technologies</a>, Ranjan Kumar, CEO &amp; Founder,&nbsp;<a href="" target="_blank">Entropik Tech</a> and Harshal Ved, VP, Sales &amp; Operations,&nbsp;<a href="" target="_blank">Playshifu</a>.&nbsp;</p> <p><em><u>Re-vist the session below:</u></em></p> <div data-oembed-url=""> <div style="margin-bottom:0px; margin-left:0px; margin-right:0px; margin-top:0px; max-width:320px"><!-- You're using demo endpoint of Iframely API commercially. Max-width is limited to 320px. Please get your own API key at --> <div style="height:0; left:0; padding-bottom:56.25%; position:relative; width:100%"><iframe allow="encrypted-media; accelerometer; gyroscope; picture-in-picture" allowfullscreen="" scrolling="no" src="" style="border: 0; top: 0; left: 0; width: 100%; height: 100%; position: absolute;" tabindex="-1"></iframe></div> </div> </div> <h3><strong>Summary:</strong></h3> <p><strong>The India Story:</strong></p> <ul> <li>The Start-up evolutionary journey in India came about as three waves:&nbsp; <ul> <li>From the 1980s to early 2000s &ndash; saw a boom in IT, BPO &amp;&nbsp;ITES, and brought a $180+ billion industry to India</li> <li>From 2000 to 2016 - Middle class spending increased rapidly as a result of the IT&nbsp;boom;&nbsp;ecommerce started to rise;&nbsp;there were retail expansions, and eventually a&nbsp;global marketplace was available. India had 26+ Unicorns, mostly B2C, making it the&nbsp;3rd largest Startup ecosystem in the world</li> <li>2016 to date &ndash; With an increasing focus on innovation and IP, several B2B startups&nbsp;emerged.&nbsp;There was a sustained focus on &#39;product&#39; up the value chain, several R&amp;D centres of MNCs were maturing and it also saw a lot of US/EU returnees, who started entreprenuerial journey in the home soil</li> <li>Read more&nbsp;@&nbsp;<a href="" target="_blank">Wharton</a>...&nbsp;</li> </ul> </li> <li>With a growth of 270% in the last six years, and 26000+ startups to its credit, India&nbsp;has been named the 3rd largest startup ecosystem in the world and has created value&nbsp;for an estimated USD 90 billion.&nbsp;</li> <li>India has evolved to being the 2nd largest R&amp;D site for the fortune 1000 companies, outside their HQ. There are over 1100 growing MNCs with their R&amp;D centers in&nbsp;India.</li> <li>India is producing Unicorns across sectors: be it healthtech, edutech, agritech,&nbsp;transport, fintech, or even&nbsp;foodtech. There are 30+ Indian Unicorns, compared to&nbsp;200+ from US, 70+ from China, and 20+ from UK.&nbsp;</li> <li>India has become the hotbed for AI businesses, as there is a large and affordable&nbsp;talent base with a global cost advantage;&nbsp;fastest growing mobile market globally.&nbsp;Digital India is data rich, there is strong government support for AI &amp; development, and is&nbsp;trusted as an exporter of software with no IPR issues.&nbsp;</li> <li>One third of the funds from various sources such as institutional funds, government&nbsp;funding or insurance companies has been coming through, as VC and most seed&nbsp;funds are focussing on innovation.</li> </ul> <p><strong>The Covid Story:</strong></p> <ul> <li>The impact of Covid on many B2C startups is lay-offs, cost cutting, negative impact&nbsp;on travel, cancellation of events and reduction in discretionary consumer spending&nbsp;on startups.</li> <li>B2B businesses have been less impacted due to Covid, as most are increasing focus&nbsp;on improving efficiency using AI/SaaS/digital adoption. However, with squeezed budgets,&nbsp;digital transformation is yet to be seen.&nbsp;</li> <li>VCs had stopped investing in the first few months, as they took stock of the situation&nbsp;and portfolios, followed through on term sheets, and then made new deals in late&nbsp;stage well established companies. Venture Debt has been increasing for <a href="" target="_blank">working&nbsp;capital</a> needs.</li> <li>There is an expectation of re-allocation from China, given the geo-political scenario&nbsp;post Covid. On the corporate front, there is an expectation of an increase in M&amp;A&nbsp;activity.</li> <li>All businesses have moved to remote working: adopted various collaboration&nbsp;tools -&nbsp;holding regular online meetings, introducing team drives etc. This has brought&nbsp;down rental costs, commute time and changed working model of the&nbsp;business world as we know it to be.</li> <li>The presence of networking connections, a conducive market setup, expansion aid,&nbsp;etc., through multiple incubators and accelerators is helping several growing&nbsp;businesses today.</li> </ul> <p><strong>What is Bharat Innovation Fund?</strong></p> <ul> <li>Bharat Innovation Fund is a $100 mn innovation-focussed pre-Series-A and Series-A&nbsp;venture capital fund, founded by experienced professionals with diverse backgrounds,&nbsp;some of whom are from Silicon Valley, and an experienced investing and operations&nbsp;team, as it&nbsp;helps identify and build strong ventures. Some of the interesting growing deep tech ventures funded&nbsp;by Bharat Innovation Fund are FireCompass, Detect Technologies, Entropik&nbsp;Technologies and Play Shifu.&nbsp;</li> </ul> <p><strong>Startup Feature:</strong></p> <ul> <li><u>FireCompass</u>:&nbsp;an AI based Continuous Red Teaming &amp;&nbsp;Cyber Attack Platform, which&nbsp;uses fast internet based recon on a 3 Billion+ IP, using a headless browser. <ul> <li>Bikash started&nbsp;India&rsquo;s first cyber security work over 15 years ago, funded by IDB Ventures.</li> <li>There&nbsp;has been a massive rise in the number of breaches and cyber attacks, especially since remote&nbsp;working has become popular post the pandemic.</li> <li>Firecompass helps businesses discover, map and&nbsp;analyze their publicly exposed&nbsp;digital footprint. Digital risk monitoring and monitoring third party risks helps the business assess the security posture of vendors and prevent data breaches.</li> <li>A deeper&nbsp;enumeration of attack surface, ability to analyze leaked data and an automated 3rd&nbsp;and 4th party discovery.</li> <li>With over 500+ end users, and multiple security patents,&nbsp;FireCompass is a growing artificial intelligence business indexing the entire global&nbsp;internet.&nbsp;</li> </ul> </li> </ul> <ul> <li><u>Detect Technologies</u>: builds novel best-in-class patented technologies to solve age old&nbsp;industrial constraints, which lead to continuous disruption in plant run time. <ul> <li>These end-to-end&nbsp;plug&nbsp;and play platforms can revolutionize monitoring, safety and efficiency in the&nbsp;industrial sector such as oil and gas.&nbsp;</li> <li>They offer Guided Ultrasonic Monitoring of pipeline systems for use in refineries,&nbsp;wherein ultrasonic waves can scan and detect any defects in pipelines.</li> <li>Noctua is drone based - fully automated inspection and monitoring of assets /&nbsp;T-Pulse, an&nbsp;integrated platform, with the largest industrial dataset of 40TB capacity, to monitor&nbsp;and safely inspect projects in the construction phase.</li> </ul> </li> </ul> <ul> <li><u>Entropik Technologies</u>: an emotion analytics company, which focusses on&nbsp;measuring and analyzing human emotions at scale and helps brands understand user&nbsp;experience. <ul> <li>Their tech tools include facial code-based emotion tracking, brainwave&nbsp;mapping and flexible eye gaze tracker.&nbsp;</li> <li>These help businesses gauge the sub-conscious behaviour patterns of consumers, as&nbsp;they view a product before actual purchase,&nbsp;effectively helping&nbsp;build efficient marketing strategies.</li> <li>It is currently the 2nd largest platform in this field, globally.</li> </ul> </li> <li><u>PlayShifu</u>:&nbsp;a leading augmented reality toy company, which provides educational&nbsp;play experiences for kids. <ul> <li>There has been a fundamental shift in the views of parents&nbsp;and educators with an increasing awareness about screen time for kids:&nbsp;use of&nbsp;technology and screen as learning tools, experiential learning, and new&nbsp;methodologies to learning.&nbsp;</li> <li>The technology uses multiple touch points -&nbsp;using different senses and&nbsp;creates a deep user-engagement, resulting in enhanced learning outcomes among&nbsp;kids.</li> <li>PlayShifu is being used by over 1 billion &#39;3-10 year olds&#39; worldwide and is a&nbsp;growing popular tool for fun-learning.&nbsp;</li> </ul> </li> </ul> <p>Deep Tech companies which use emerging technologies will only be seeing a rise&nbsp;post the COVID pandemic. As we&#39;ve already started seeing, several businesses &amp;&nbsp;governments are increasingly&nbsp;recognizing that technology coupled with data, AI, AR/VR and virtualization will&nbsp;enable a much faster and effective recovery in these challenging times.&nbsp;</p>