SAT Private Limited, the startup that developed SMART METER, incubated by FMCIII, secures $2.5 million investment from Filtrum LLP

VMPL

Pune (Maharashtra) (India), August 9: Shete Advance Technologies Private Limited, a startup incubated by Marathwada Mitra Mandal Foundation for MakeitHappen Centre for Invention, Innovation and Incubation (FMCIII), has raised USD 2.5 million investment from Filtrum LLP, Pune. The investment is aimed at providing smart meters under the Smart Meter National Programme (SMNP), informed Bhausaheb Jadhav, Executive Chairman, Marathwada Mitra Mandal, Pune, at a press conference on Wednesday.

The press conference organised at FMCIII located in Marathwada Mitra Mandal’s College of Engineering, Karvenagar campus was attended by MM Secretary Kishor Mungale, Principal Dr Vijay Gohokar, FMCIII CEO Dr Chandrashekhar Talathi, Startup Founder Vyankatesh Shete and other incubated startups.

Bhausaheb Jadhav said that since its inception, Marathawada Mitra Mandal has always emphasized on research, excellence in science and technology, skill development and entrepreneurship, and value-based education, adhering to the principle of “welfare of the masses”. To inculcate a culture of innovation, inventiveness, startups and entrepreneurship among the students, FMCIII was established. Many startups have been incubated and have successfully transitioned into the industry. The investment of USD 2.5 million in this SMART METER startup is a matter of pride for us.

Dr. Chandrashekhar Talathi spoke about FMCIII. He said that FMCIII is a non-profit company established in 2018 in association with Tata Technologies Limited, Science and Technology Park at Savitribai Phule Pune University, to support sustainable, scalable and transformative industries. Well-equipped with all the necessary infrastructure, the centre is essential for the growth of startups. It provides various labs, well-furnished offices, computer rooms, conference and meeting rooms, 3D printers and scanners, robots, CNC machines and working models of cars. It also organizes startup exhibitions, industry visits and training sessions and provides expert guidance as well as mentoring to incubated startups from experienced industry professionals.

He added that the success of a startup is achieved through four stages: ideation, prototyping, capital allocation and production. SAT-Smart Prepaid Energy Meter, Pets and Me, Scitus Healthcare – Electronic Witness System with AI, Whiz Gizmo – Home Automation, Vat Baghtoy Rikshawala App and Eleport – EV for Transport, among several other startups, have achieved success. IoT, R&D, AR/VR, Education and Training, Manufacturing, IT, Renewable Energy, Services, Redevelopment, Carbon Credit, Green Energy and Agriculture – nearly 65 startups in these areas are currently incubated at FMCIII. They have been allocated over 1.5 crore in funds. Startup India Seed Fund Scheme provided seed funding of Rs 1 crore and SAT was one of the beneficiaries of the initial grant through which it developed the prototype. Two startups have received external funding of INR 21.5 Cr. The first one is Dreams Redeveloped and the second one is Shete Advanced Technologies Pvt Ltd, he added.

FMCIII successfully incubated my startup, Smart Prepaid Energy Meter, playing a key role in making it a reality. Initially, we received a seed fund of Rs 10 lakh from SISFS through FMCIII. Further, the startup secured a certification from the Bureau of Indian Standards and a letter of intent worth Rs 1,500 crore. With the help of FMCIII, we were able to connect with Filtrum LLP and secure an investment of $2.5 million. Out of the 28 crore meters that are to be installed across the country under the Smart Meter National Program (SMNP), our target is to install around six crore smart meters. This is a major step towards Atmanirbhar Bharat and the production of smart meters will soon begin in Chakan, mentioned Vyanktesh Shete, Founder, SAT (Smart Meter).

Marathwada Mitra Mandal Secretary Kishor Mungale appreciated the efforts taken by FMCIII and said that the initiatives taken to promote startup culture and entrepreneurship are commendable. In a short span of time, 65 startups have been worked on with a focus on turning many of them into industries. STP always supports such initiatives. I am very happy that Smart Meter has received an investment of around 20 Crores. This will also encourage other startups and engineering students.

Having an Innovation and Incubation Centre on campus allows students to gain hands-on experience in start-ups. They also get an opportunity to do internships. This exposure has inspired many students to start their own ventures and several of them have successfully turned their research into products. Students are encouraged to go for industrial visits, discussions with entrepreneurs, various workshops and mentoring sessions and participate in technical and scientific competitions. This centre has become an important platform to develop research mindset, start-up culture and entrepreneurship among students, added Dr. Vijay Gohokar, Director, MMCOE.

FMCIII Key Features:

* Collaboration with Tata Technologies and Pune Science and Technology Park

* 12,000 sq ft centre built at an investment of Rs 30 crore

* Rs 16.5 crore financial support from Tata Technologies Limited

* Industry-focused training and mentoring for students

* Ability to develop up to 100 startups simultaneously

* Support for innovative ideas, provision of services and starting your own business

* Support for startups in the technology, biotechnology, finance, agriculture and pharmaceutical industries

* Providing well-equipped offices, conference rooms and equipment for startups

* Assistance with patents, copyrights, design registrations and commercialization

* Initiatives providing seed funding, angel investment, venture capital and private equity

More details about the incubation center can be found at https://fmciii.com/

(ADVERTISING DISCLAIMER: The above press release was provided by VMPL. ANI assumes no responsibility for its content)