Startup Street: Hyperloop Comes To India
Here’s what went on this week on Startup Street.
Ever looked at the Hyperloop track construction in California and wished you could experience it back home? Those wishes might soon come true as the government of Andhra Pradesh brings the technology to India. A drone startup in the U.S. has tied up with the American Red Cross to help bring relief to Texas. Global payments company PayPal has added five new startups to its incubator programme.
A lot went on this week on Startup Street.
Travel From Amaravati To Vijaywada In 6 Minutes
The Elon Musk-envisioned Hyperloop Transportation Technologies has signed a pact with the Government of Andhra Pradesh to bring the futuristic mode of travel to India.
The state has signed a memorandum of understanding to connect Amaravati and Vijaywada, potentially shortening a one-hour rise to six minutes, according to the statement released by the company.
In partnering with Andhra Pradesh, HTT will work with local stakeholders to build the regulatory standards necessary for safe and efficient operation.Bibop Gresta, Chairman & Co-Founder, Hyperloop Transportation Technologies
The state government in turn will assist the company with the necessary regulatory approvals and implementation.
The first phase of the project will involve a six-month feasibility study test which will begin in October 2017. Working with partners in the public and private sector, Hyperloop Technologies will analyse the geography of the region to finalise a route. In the meantime, it will also zero in on the stakeholders of the project, the statement said. The second phase will involve the construction of the project.
This Drone Startup Is Helping American Red Cross With Relief Work
Hurricane Harvey left a wave of destruction in Texas and hurricane Irma and Jose are now threatening Florida. In the light of the damage caused, drone startup CyPhy is teaming up with the disaster relief organisation American Red Cross and UPS Foundation to help recovery in the disaster-stricken areas.
The partnership will now begin a pilot to asses damage and assist with relief, according to a joint statement released by them.
This is the first drone pilot programme which will be conducted in America, the statement added.
A CyPhy tethered drone will provide aerial observation from 400 feet above the ground. Its 30X zoom camera will allow them to identify damaged long before the water has receded. More importantly, these drones will be able to provide uninterrupted coverage in difficult areas, a feat often impossible for human beings.
Persistent Aerial Reconnaissance and Communications (PARC) will provide the first responders and recovery crews with a stable fixed-location point of observation to help capture these crucial images without interruption.Lance Vanden Brook, CEO, CyPhy Works
PayPal Selects Five Startups For Its Incubator
Global digital payments firm PayPal Holdings shortlisted five fintech startups for the fifth edition of its India Incubator Challenge, picking up stake in each of them.
Launched in 2013, the incubation challenge shortlisted Finbox, Neoeyed, Paymatrix, Scalend and Tybo as the new entrants, according to a PTI report quoting the company. PayPal did not disclose the quantum of stakes it acquired in each of these startups.
The incubator is for early-stage technology startups that specialise in machine learning, big data and logistics, the payments company said.
In its fifth year, PayPal Incubator has received an overwhelming response with over 250 applications from early-stage FinTech startups—a 150 percent growth from last year.Guru Bhat, GM Technology And Head Of Engineering, PayPal
Paypal, in exchange, will allow the startups to benefit from its “cutting-edge” technology and help them thrive in the competitive environment, it said in the statement.