Winners from Mumbai, Delhi and Bangalore — all IITeans — to pitch business projects to US investors.
AlgoSurg Products Pvt Ltd., a Mumbai-based startup that develops online software to accurately simulate orthopaedic surgeries in 3D, has won the American Bazaar Startup Competition held in Mumbai. The competition was part of the third US-India Startup Forum, hosted by The American Bazaar at Novotel Juhu on February 22.
AlgoSurg was one of the 21 startups that took part in the competition. The startup will now make pitches before US investors for funding later this year, along with the winners of the startup competitions held in Delhi and Bangalore last fall. The American Bazaar will arrange their US visits.
“I feel delighted to take part and win the competition,” Dr. Vikas Karade, one of the founders of AlgoSurg. “My team is finishing our medical software Tabplan3D and now we want to explore partnership opportunities at USA and winning the competition is taking us close to our goals.”
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AlogSurg is developing software to generate patient specific technique for orthopaedic surgeries. Currently, the orthopaedic surgeries are conducted with 2D precision and do not entirely rule out possibility for errors. AloSurg has proposed to develop software to simulate orthopaedic surgeries in 3D by using existing 2D X-ray images. This would create accurate method to perform surgeries, the company projects. In addition, the project would develop patient specific surgical instruments, designed instantly, to improve treatment. The company pitched to generate cost effective, time efficient medical solution to the health industry, worldwide.
The 21 startup startups that were part of the competition pitched a bevy of products and services, such as thermal clothing, mobile instrument for visually challenged, digital watch for emergency rescue, honey candies and many more. Participating entrepreneurs represented a wide spectrum of areas, both in geography and subject. More than forty percent of the startup founders were women.
The Startup Forum, the third of its kind hosted by the Bazaar in the past six month, featured a number of investors and speakers from the United States. They discussed a variety of topics related to startups, including the overall health of India’s startup ecosystem, policy and taxation matters, and tips to find the right investors.
Prominent speakers included Frank Islam, Chairman, Frank Islam Investment Group, who delivered the keynote address; Sanjay Puri, Founder of AutoNebula, who was interviewed by well-known Indian journalist Govindraj Ethiraj; Sri Peddu, Managing Partner, Powerhouse Ventures; Dr, Gajanan M. Sabnis, Emeritus Professor, Howard University; Sameer Jindal ofGCA; Vijay K. Dhingra, Partner, Deloitte Haskins and Sells LLP; Varsha Tagare, Senior Director, Qualcomm Ventures India; Rajesh Sawhney, Cofounder, InnerChef; Arihant Patni, Managing Director, Hive Technologies; and Pradeep Joy, Principal Associate, SNG and Partners.
“This is a very good initiative to bring experts from both the countries where startup culture has been growing rapidly and get them in touch with the young innovators and entrepreneurs,” Karade said. “A right mentor-ship and direction can be a very important part of a startup success. In addition to this, the startup competition is not only great for testing or benchmarking an innovative startup idea but also a rare opportunity for the winners to grow in a global platform.”
The US-India Startup Forum was launched in Delhi on September 1 by Amitabh Kant, the CEO of Niti Aayog. Well-known speakers who were part of the Forum include USIBC President Mukesh Aghi; Rick Rossow, the Wadhwani Chair at CSIS in Washington; and Dr. Satyam Priyadarshy, Chief Data Scientist at Halliburton and President of TiE DC.
All the three Startup Competition winners have ties to IITs.
Karade earned his B.Tech, M.Tech and PhD degrees in mechanical engineering from IIT-Bombay.
SolLink Systems LLP, founded by IIT Kanpur alumnus Kartik Nanda, won the competition in Delhi. SolLink helps small residential customers to design, order and manage their solar installation.
DeTect Technologies, an IIT Madras-incubated company that builds technology to perform intelligent asset management for the industries through sensors and drones, was the winner in Bangalore.
The American Bazaar Startup Forum is an initiative of The American Bazaar. Headquartered in Washington DC-area, The American Bazaar is the most visited South Asian digital news source in North America.
(This post has been updated.)