· Cybersecurity startup bags Rs 50 lakh cash prize at Huddle Global 2022
Thiruvananthapuram, Dec. 16: Kochi-based cybersecurity startup Prophaze Technologies Pvt Ltd won the first edition of the Grand Kerala Startup Challenge by lapping up the first prize of Rs 50 lakh at the two-day startup conclave ‘Huddle Global 2022’, which concluded at Kovalam on Friday.
Tamil Nadu IT Minister Shri T Mano Thangaraj gave away the prizes at the valedictory function in the presence of Kerala Electronics &IT Secretary Dr Rathan U Kelkar and Mission Director and CEO, Tamil Nadu Startup and Innovation Mission, Shri Sivarajah Ramanathan. Ms Surya Thankam, Manager, Startup Funding and Investments, KSUM, was also present.
Launched by Kerala Startup Mission (KSUM), the Startup Challenge, which was held on the sidelines of ‘Huddle Global’, was conducted for startups whose business valuation is less than Rs 20 crore.
Founded by Rajeevan Thoppil Vaisakh and Lakshmi Das in 2019, the startup’s product, ‘Prophaze WAF’, a Kubernetes driven SD-WAF (Web Application Firewall), ensures web security. It helps businesses to establish a safe cyber world with a combination of multiple products in a single solution.
Prophaze WAF is also one of the partners at the international OWASP Community.
NyQuest Innovation Labs Pvt Ltd won the second prize of scale up seed loan of Rs 25 lakh. The startup is founded by Vinod Gopal and Harsh Mohan. Their product is ICON, which connects any UPS to solar energy and works for efficient energy management with predictive algorithms.
KSUM received around 21 applications for the Startup Challenge, of which seven of them pitched their ideas on the final day of ‘Huddle Global 2022’. The teams which participated were NyQuest Innovation Labs Pvt Ltd, Prophaze Technologies Pvt Ltd, Infusory Future Tech Labs Pvt Ltd, Wellbeing Studios Pvt Ltd, Astrek Innovations, FTL Technology Systems Pvt Ltd, and Bagmo Pvt Ltd.
KSUM also announced financial assistance to 23 startups under Innovation Grant Scheme of the Govt. of Kerala, which provides financial aid to startups, entrepreneurs and startups to help them convert their innovative ideas into full-fledged ventures. KSUM had received 859 applications for the innovation grant for 2022-23.
The innovation grant was given under various categories: Idea grant (up to Rs 3 lakh), Productization Grant (Rs 7 lakh), Productization grant for women (Rs 12 lakh), Market acceleration grant (Rs 10 lakh) and Scale-Up grant (Rs 15 lakh).
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