CHENNAI: Chief minister M K Stalin on Friday launched the Tamil Nadu Emerging Sector Seed Fund (TNESSF). A joint initiative by the state government's finance and industries departments, it provides investments for startups in emerging sectors including aerospace and defence applications, AI, Web 3.0, climate tech and deep tech.
According to a statement, the chief minister gave away letter of approval for investments to five firms such as E-Sandhai, Kaigal, Planytics, Surinova and Mr Med. These companies received collective funds of 13.4 crore.
While the state government has invested 50 crore in TNESSF, TIDCO and Tidel Park have assured to provide an investment of 50 crore. Plans are afoot to increase the investments in TNESSF to 500 crore in the financial year 2023-24, the statement added.
On the other hand, a portal for companies' compliances and financials monitoring system was also launched on the occasion. The website that monitors 66 public sector undertakings (PSU) eases sharing information between PSUs and the government.
It will also alert directors and key officials of the respective PSUs in the event of any violation to The Companies Act, 2013 through SMS and emails generated automatically.