India-based storage hardware producer NetApp has announced an accelerator initiative called Escape Velocity that will target sectors including data storage and cloud computing.
Escape Velocity will offer startups mentorship from technology and business experts, accelerated innovation, technology infrastructure and grants, co-working spaces and access to a global network of partners and advisers.
The scheme is designed to provide successful entrepreneurs with a market-ready launch pad. The level of funding Escape Velocity will provide has not been revealed but sources told Tech in Asia it could receive between $100m and $150m from its parent.
The initiative will begin accepting applications in May 2017 and expects to begin in August with six startups. It is being launched in tandem with an engineering facility, dubbed Global Center of Excellence, in Bengaluru, India.
George Kurian, chief executive of NetApp, said: “Our continued investment in India, with its highly skilled talent, collaborative government and global business partners, strengthens our ability to succeed in the new era of hybrid cloud.”