Altair signs MoU with IIT Madras to foster start-ups with technology access
New Delhi: Global technology provider company Altair has on Monday signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Madras- Incubation Cell (IITM-IC) to foster start-up technology access and mentorship.
According to the company release, the MoU will establish cooperation between IITM-IC and Altair to connect, identify, and select relevant start-ups from the incubation cell.
Manoj Menghrajani, Business Development Manager of Electro-magnetic Solutions, Altair said, “We are happy to collaborate with a prestigious institution like the Indian Institute of Technology, Madras. Considering the government’s push for adoption of deep technology, this mandates industry and start-up companies to explore the latest technologies to develop their products faster.”
“Applying simulation technology early in the product design process will help start-ups launch a robust product earlier in the market at a much lesser cost,” he added.
The release also informed that Altair will provide the technology access and mentorship to select start-up companies for one year formed under the incubation cell and will institute an award for a start-up that best utilizes simulation technology during the year.
With an aim to drive innovation and entrepreneurship at their institute, IITM-IC will coordinate and leverage the synergies in excellence in cutting edge research, industrial interactions, university-driven research park, and a stellar record of incubation in rural, social, and industrial technologies, it further added.
Tamaswati Ghosh, CEO, IITM-IC said, “Our partnership with Altair enables access to simulation-driven design, computer-aided engineering, cloud computing, and Internet of Things (IoT) solutions.”
“This is extremely beneficial for product start-ups in our portfolio who are in a unique position where they have innovative solutions for various challenges but are strapped for resources. This program will help them accelerate their growth to new heights. Through this partnership, we are certain that the start-ups will benefit from the expertise and network of a global tech company like Altair,” he further added.