According to an official release, HaiVE, a on-premise AI company headquartered in Singapore, has signed a Memorandum of Understanding (MOU) with St Joseph’s Group of Institutions to launch AI Venture Factory, an AI startup focused technology business incubator (TBI). In its aim to promote technology startups in Tamil Nadu, StartupTN has accepted AI Venture Factory, making it India’s first government-accredited AI incubator.
Sources revealed that the launch was held on November 8, 2023, was attended by over 5,000 participants and graced by Thiru T.M. Anbarasan, minister for micro, small and medium enterprises (MSME), government of Tamil Nadu. Michael Hiller, co-founder and Hiller Marine Australia, a HaiVE customer and investor, was the chief guest of the event.
“Through this initiative, HaiVE aims to improve the future of AI innovation, supporting entrepreneurs, and contributing to India’s burgeoning AI ecosystem. The incubator is designed to be a crucible of innovation, offering state-of-the-art resources like H100 AI server time shares, AI scientists’ mentorship and a conducive environment for young AI ventures to flourish,” Deepika Loganathan, CEO, HaiVE, explained.
It is believed that this collaboration with the Tamil Nadu government and StartupTN, HaiVE is supporting the growth of a new generation of innovators and entrepreneurs.
