IIT Madras and Starburst Accelerator Join Forces to Launch a €100 Million Aerospace and Defence Start-up Hub

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Admin | Content Curator Updated : Mar-27-24

IIT Madras and Starburst Accelerator Join Forces to Launch a €100 Million Aerospace and Defence Start-up Hub

The Indian Institute of Technology Madras (IIT Madras) and French aerospace and defence firm Starburst Accelerator SARL announced a landmark partnership today to establish a groundbreaking €100 million (approx. ₹8.8 billion) start-up hub focused on propelling India's Aviation, Space, and defence (ASD) sector.

This collaborative effort will see Starburst establish accelerator programs within IIT Madras to nurture and empower promising ASD start-ups. The initiative aims to cultivate a dynamic ecosystem that fosters innovation and technological advancements in India's critical aerospace and defence industries.

“This collaboration with Starburst Accelerator presents a tremendous opportunity to fuel the growth of India's ASD sector,” said Prof. V. Kamakoti, Director of IIT Madras. “IIT Madras is committed to providing the necessary support and expertise to nurture a new generation of entrepreneurs who will revolutionise Indian aerospace and defence.”

Starburst Accelerator, a global leader in aerospace and defence acceleration, brings its extensive network of corporates, investors, and government entities to the table. This will provide vital connections and mentorship opportunities for the budding entrepreneurs who will participate in the hub's programs.

“We are thrilled to partner with the prestigious IIT Madras to establish this one-of-a-kind start-up hub,” expressed Mr. François Chopard, founder and CEO of Starburst Aerospace. “By combining Starburst's expertise with IIT Madras' intellectual excellence, we are confident that we can unlock India's immense potential in the ASD domain.”

The €100 million funding will be utilised to support promising start-ups through various stages of their development. Additionally, Starburst plans to create venture capital funds specifically dedicated to ASD technologies, further bolstering the financial muscle of the initiative.

This momentous partnership between IIT Madras and Starburst Accelerator is poised to be a game-changer for India's ASD sector. By fostering innovation and entrepreneurship, the initiative has the potential to propel India to the forefront of the global aerospace and defence landscape.