The Pilani Innovation & Entrepreneurship Development Society (PIEDS), the technology business incubator of Birla Institute of Technology and Science (BITS) Pilani, has been selected as a fund manager under the Central government’s ₹1 lakh crore Research, Development and Innovation (RDI) Scheme, strengthening its role in financing India’s deep technology ecosystem.
The selection places PIEDS among five fund managers entrusted with deploying an initial approved commitment of ₹7,131 crore to eligible technology enterprises undertaking research, development and innovation activities at Technology Readiness Level (TRL) 4 and above.
The RDI Scheme aims to increase private-sector participation in research and development (R&D) and mobilise public and private capital for advanced technology development. The initiative seeks to bridge funding gaps that often prevent promising research from progressing to commercial applications.
Focus on deeptech commercialisation
Deep technology ventures typically require substantial upfront investment, extended development timelines and access to specialised research infrastructure before their products become commercially viable. These requirements can make it difficult for startups to secure conventional private investment during early stages of technology development.
The RDI Scheme seeks to address this funding gap by supporting research-led enterprises and encouraging investment in technologies with the potential for wider industrial and societal applications.
PIEDS will leverage BITS Pilani’s research capabilities, industry connections and experience in startup incubation to identify and support eligible technology ventures.
The focus on enterprises at TRL 4 and above indicates an emphasis on technologies that have progressed beyond basic research towards validation in laboratory or relevant environments, although the specific eligibility and funding conditions will determine the projects supported.
PIEDS has backed over 280 startups
Established in 2004 with support from the Department of Science and Technology, Government of India, PIEDS is among India’s established academic technology incubators.
The organisation has funded more than 280 technology startups, whose combined valuation exceeds $1 billion, according to BITS Pilani. It also operates incubation and acceleration programmes in collaboration with central government ministries, corporate partners and the institute’s alumni network.
Its selection under the RDI Scheme builds on this experience of supporting technology enterprises and translating research into commercial ventures.
The appointment also provides an opportunity to channel capital towards businesses developing advanced technologies, drawing on the institute’s academic expertise and entrepreneurial ecosystem.
BITS Pilani sees opportunity to build a product nation
BITS Pilani Group Vice Chancellor Prof. V. Ramgopal Rao said India had considerable research potential but needed to do more to convert research ideas into products that reach society.
“Deep technology ventures need patient capital, access to research facilities and sustained industry engagement to make this journey,” he said, describing the RDI Scheme as an important step towards addressing the gap.
He added that PIEDS would build on BITS Pilani’s research strengths and entrepreneurial culture to support ventures developing globally competitive technologies and contribute to India’s ambition of becoming a product nation.
Strengthening India’s innovation ecosystem
The selection of PIEDS comes as India seeks to strengthen domestic research capabilities and encourage private investment in technology development.
A key challenge for deeptech startups is securing funding at the stage when technologies require further validation, engineering and development before they can attract larger commercial investments.
By directing capital towards eligible research and innovation activities, the RDI framework seeks to encourage the development of technologies with commercial potential while strengthening collaboration between research institutions, startups and industry.
For PIEDS, the mandate expands its role beyond conventional incubation and acceleration towards financing technology enterprises at critical stages of development.
The effectiveness of the initiative will depend on the ability of fund managers to identify promising technologies, provide appropriate long-term capital and help enterprises move from research and validation to commercial deployment