BANGALORE, India, Apr 4, 2022 – Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI), announced the launch of Altair Startup Challenge 2022, continuing Altair’s collaboration with Startup India, a Government of India initiative to build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Following a successful competition in 2021, with eight finalists chosen from a pool of 156 participating companies, the Startup Challenge gives organizations access to high-end technology, mentorship, and expert support and guidance in their quest for innovative products.
Altair seeks to identify, support, mentor, and reward budding startups with its simulation, optimization, and machine learning technologies combined with its dedicated team of mentors with extensive experience and knowledge. The award categories were simulation-driven product design and development, digital twin, and embedded systems.
The Altair Startup Challenge required startups to identify Altair technologies that would drive the design and engineering of their companies’ products – which would improve product performance, reduce product development time, and minimize cost. Eight companies were shortlisted from a pool of more than 156 applications; as a reward, Altair provided these startups with mentorship and free access to Altair technologies for four months. Winners were judged based on how they applied Altair technologies and how well they enhanced their product designs and their potential business impact. 2021’s eight finalists – Raptee, Rvemp Moto, Reevia Motors, Emote Electric, Ingo Electric, Innovmon Technologies, Creatara Mobility, and Yali Mobility – were acknowledged with a successful participation certificate at a ceremony held at Hotel Taj Wesend 25, Race Course Rd, High Grounds, Bengaluru, Karnataka.
- First place – Ingo Electric from Bengaluru won INR 2,50,000 for successfully demonstrating the frugal product development process through virtual simulations by solving vehicle structural and dynamic problems.
- Second place – Yali Mobility from Chennai won INR 1,50,000 for utilizing simulation-driven design technology to solve vehicle structural and suspension design problems and improve product performance.
- Third place – Creatara Mobility from Delhi won INR 1,00,000 for optimizing structural components and major systems through the early product design and development phase.
“The startup ecosystem in India is buzzing with new ideas. Disruptive technologies like AI, machine learning, and additive manufacturing are rapidly transforming the way companies innovate,” said Vishwanath Rao, managing director, Altair India and GCC. “Altair’s motive behind collaborating with startups is to enable them to accelerate innovation with our simulation and machine learning technologies. We believe these startups will not only build an intellectual property-based economy for the country but also create an ecosystem of new industries to catalyze the vision of Make in India.”
“The joy and remuneration of a mentor is seeing your mentees succeed and we are proud to support the Government of India’s mission to create a humming startup ecosystem in India,” said Panduranga Rao, senior vice president, technical operations and strategic initiatives, Altair India. “While working with and seeing young and brilliant startups apply Altair technologies to solve real problems, we believe that the IP created will positively disrupt and challenge the status quo of the industry. We look forward to Altair Startup Challenge 2022 to meet the next set of inquisitive minds with fresh challenges.”
“Startup India and Altair enable entrepreneurs to showcase their ideas while building a network with key stakeholders,” said Sana Dewan, assistant manager, Startup India. “India has the world’s third largest startup ecosystem and we are proud to collaborate with Altair as together we help Indian EV startups accelerate, innovate, and accomplish their goals of product development in a structured manner.”
The Altair Startup Challenge received support from IIT-M Incubation Cell, CII, and ARAI.
Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. For more information, visit https://www.altair.com/.
About Startup India
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth, and generate large-scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design.