Jaivel plans to back strategic startups at seed stage together with VC arm of Indian academic institution IIM Ahmedabad.
UK-headquartered aviation parts manufacturer Jaivel Aerospace has launched a fund to invest in aerospace and defence startups in partnership with IIMA Ventures, the incubator, accelerator and venture capital arm of business school Indian Institute of Management Ahmedabad.
The Aerospace & Defence Acceleration Fund will target autonomy, advanced materials, advanced manufacturing and secure communications technology developers, supplying up to $400,000 in seed financing per startup. It is expected to work with between eight and 10 local startups.
IIMA Ventures will provide experience in building startups, having already worked with 14 space technology companies, while Jaivel will offer access to its international design, engineering and manufacturing ecosystem.
Jaivel founder and CEO Vipul Vachhani said in a press release announcing the initiative: “Together with IIMA Ventures, we aim to create the platform for startups to leverage Jaivel Aerospace’s international advanced manufacturing network as well as build robust execution model from the start.
“Startups will also benefit from Jaivel Aerospace’s design, engineering and manufacturing ecosystem to accelerate time to market.”
