Panasonic announces funding platform for energy-management startups

Panasonic Life Solutions India and Panasonic Corporation have announced a corporate innovation initiative called "Panasonic Ignition" in collaboration with 100X.VC, a seed-stage venture capital firm. In a press release, the company said this programme aims to provide mentorship, guidance, and financial support to early to mid-stage startups in the realm of energy management for both commercial and residential sectors.

According to the release, the programme seeks to create a robust platform where emerging startup founders will gain investment, access to a wide array of masterclasses, expert mentorship, and strategic support to drive product development and growth. These efforts will be instrumental in addressing real-world challenges associated with energy management in spatial infrastructures.

Manish Sharma, Chairman of Panasonic Life Solutions India and South Asia, underlined the growing digital revolution in India, characterised by over 750 million active internet users. He said India stands as the third-largest hub for startups, hosting 90,000 of them, and 107 unicorn companies with a collective valuation of $30 billion. Moreover, projections indicate that by 2030, India could see over 180,000 startups emerging, promising boundless opportunities. "Panasonic, in line with these vast prospects, seeks to play a pivotal role in the Indian startup ecosystem by supporting local entrepreneurs," he said.