German engineering and technology giant Siemens is set to launch its startup incubator ‘Next47’ in India as part of the company’s $1 billion (around Rs 7,000 crore) investment fund for startups globally.
Next47 will be setup in Bengaluru, focusing on bringing startup innovation to Siemens customers in the region and will incubate tech startups.
Likewise, the German conglomerate is setting up a digital services and consultancy arm in India that will have a strong team of 4,000 IoT and software experts.
The experts will collaborate to conceptualise, develop, test, and bring-to-market applications in the areas of Smart Urban Infrastructure, Digital Enterprise, Connected Mobility, Future of Energy, and Artificial Intelligence.
In 1867, the Munich-headquartered company began in India when founded Werner von Siemens, personally supervised the setting up of the first telegraph line between London and Calcutta.
At present, Siemens has 22 factories located across the country, eight Centres of Competence, 11 R&D centres and a nationwide sales and service network.
“India is a key focus market and plays an important role in our global digitalisation strategy. Research and Software Development in India coupled with the sharpened focus on Startup innovations through Next47 will actively drive the implementation of cutting-edge technologies,” Roland Busch, COO of Siemens AG said.
He further added that with its unique IoT platform, comprising an advanced technology stack, domain know-how, and an inclusive innovation ecosystem, Siemens is well prepared to support India into the digital age.
In March 2019, the company launched a MindSphere Application Centre in India, an open, cloud-based IoT operating system that lets customers connect machines and physical infrastructure to the digital world.
Its centres, based in Pune, Noida, and Gurugram are specifically aimed at delivering digital solutions for coal and steam-based power plant operators.
Siemens has identified digital business as a key driver, with India at the core of it. The company expects the business to grow 10% globally and its Indian business to outperform the local market, driven by opportunities arising from the government’s push to digitisation and smart technology.
Besides, the company aims to leverage India’s manufacturing sector’s increasing investments in technology to improve efficiency from existing capacity instead of making capital expenditure on new capacity.