State govt. approves Rs 10.7 crore to 26 biotech startups

Bengaluru: The State government on Tuesday granted Rs. 10.7 crore to 26 biotechnology startups. This grant is part of the government's initiative to promote and nurture innovative ideas that can bring about a change in society.

The startups received grants ranging from Rs. 25 lakh to Rs. 49 lakh to develop various solutions. According to a press release from the government, the Department of IT and Biotechnology will support these startups to develop ideas, technologies and products that can have significant impact on the lives of people.

The grants are part of the Idea to Proof of Concept Grant Scheme (Idea2POC) of the Karnataka Startup Policy 2015-20. Idea2PoC was implemented by Bangalore Bioinnovation Centre, a company set up by KBITS to nurture and promote startups in the field of biotechnology.

Minister for IT and Biotechnology Priyank Kharge handed over cheques up to Rs. 50 lakh to the startups as the first tranche of the funding.