The partnership opens up opportunities to support startup ventures working on science and technology projects not related to the company’s core areas of work, but intended to address large, societal problems, a Honeywell statement said.
Honeywell’s corporate social responsibility (CSR) contribution would also target needs relating to COVID-19, including building a new class of eco-friendly specialty fluorescent dyes and a rapid point-of-care diagnostics test for use in low resource settings, it said.
President of Honeywell India, Akshay Bellare was quoted as saying: “As a responsible corporate citizen, we see this partnership as a path to fostering a vibrant startup ecosystem, driving innovation to solve societal challenges, and opening up pathways for job creation and economic stimulation.”
Professor B Gurumoorthy, Chief Executive, SID, said, “At SID we are well positioned to nurture and grow startups by providing access to the right technology, lab infrastructure, seed funding, mentoring and human capital. We are hopeful that this collaboration with Honeywell, which is a leading technology company, will encourage more corporates to support technology incubation through CSR funding.”
Honeywell said its funds have been deployed to support six startups — Azooka Labs, Siamaf Healthcare, Protein Design, Mimyk Medical Simulations, HealthSeq Precision Medicine and PathShodh Healthcare — to begin with. Honeywell and SID are currently evaluating a new crop of startups to support, the statement added.