UK Investors Eyes Innogress’s Strategic Quantum Technology Projects In India
Ahmedabad: On the day when Govt. Of India backed National Quantum Mission (NQM) receiving various research project proposals in Quantum Technologies, Quantum Computing, Quantum Communication, Quantum Sensing, Quantum Materials from various IITs, IISc, IISERs, and other Indian R&D institutions for getting funded, two UK Investors have released their intents to fund two strategic Quantum Technology Projects of India which are getting promoted by Innogress, a tech. research & advisory to tech. ventures promoting firm.
Two UK based investors have released their LOIs (Letter Of Intent) to the projects promoter ‘Innogress Ventures’ (Innogress) for funding its Indian Quantum Tech. Projects , ‘Greater Karnavati Quantum Computing Technology Park’ (GKQCTP), proposed at Gandhinagar-Ahmedabad area and ‘Indraprastha Quantum Data Center’ (IQDC) proposed at Greater Noida-NCR Delhi area.
In between Innogress also recently boarded many Indian quantum tech. startups like Silicofeller, Quanfluence, Qkrishi, HANRON by signing MoUs with them for joining it’s upcoming Quantum Computing Tech. Park GKQCTP at Gujarat. Recently Innogress also received technology partnership request from several overseas Quantum Computing Tech firms and OEMs for partnering for deploying their Quantum Computing technologies and innovative quantum systems in Innogress’s projects, GKQCTP and IQDC.
Commenting on these developments Founding Partner of Innogress, Mr Sumant Parimal said “Since launch of call for pre- proposal for various research projects under the National Quantum Mission of Govt. Of India with a budgetary outlay of around $700 M, traction in Indian Quantum Tech. Market has gone up. Academic and R&D institutions are gearing up for the funding of their research projects and technology development projects in Quantum Tech. areas, and also forging alliances with various domestic and international Quantum Tech. Firms. Due to this positive market traction created by DST’s (Department Of Science & Technology), Govt. Of India through the NQM, Innogress’s Projects of Quantum Technology Park ‘GKQCTP’ proposed at Gujarat and Quantum Data Center ‘GKQCTP’ proposed at Greater Noida also generated good interests among the international investors and Quantum Computer Manufacturers, and Indian Quantum Tech. Startups. Due to this positive traction, we could able to generate two LOIs (Letter Of Intent) from the UK based investors for over $5M, which shall be used for creating initial facilities like Quantum Computing Center and incubating our GKQCTP and IQDC projects. We have also some traction from the large PE investors whose investment ticket sizes are typically over a billion dollars. We need such large funds for creating vibrant Quantum Tech. Industry ecosystem and technology development to manufacturing to Quantum Compute facilities in India, that’s what our objectives are through our proposed projects GKQCTP and IQDC”.
“Though the NQM funds are primarily targeted for the research projects of IITs, IISc, ISERs, and other academic and R&D institutions, but we urge Government of India, DST to also consider supporting industrialization and industrial ecosystem creation projects in Quantum Technology areas like Quantum Technology Parks, Quantum Computing Centers/Data Centers, Quantum Devices Fabrication and testing facilities, Quantum Communication facilities and also to considers giving incentives to the industry who comes forward in deploying these indigenously develop Quantum Technologies, Solutions and Devices. We need to pass quantum advantages to the indian industry like Pharmaceutical, BFSI, Energy, Chemical, Logistics, Manufacturing, Technology in the best interests of making Indian industries more competitive by harvesting strategic advantages of Quantum Technologies like Quantum Computing, Quantum Communication, Quantum Sensing, Quantum Security on priority. Through our GKQCTP and IQDC projects, we target to do so by creating industry-oriented Quantum Tech. Solutions, Devices, Sensors and Use Cases in collaboration with our Quantum Tech. partners, startup firms and R&D institutions for passing quantum advantages to the industry. For this we have created a Lab to Fab framework where we intend to bring innovations done at various labs of NQM participating institutions for productization and commercialisation, and for taking it to industrial deployments” Mr Sumant Parimal adds further.
At present, Innogress has kept investors names confidential who have issued LOIs, but they consider these angle investors as early believers in its proposed projects of Quantum Technology Park and Quantum Computing Data Center and creates a validation for its business models in Quantum Technology areas, and going to be a catalyst for generating investment interest of other large PE & VC funds.