South African hardware incubator Savant has opened applications for its venture fund, which provides projects with funding and other types of support.
A hardware technology incubator, Savant was established by Nick Allen in 2005, and provides commercial support to innovators and inventors who have developed science and engineering based technologies and products.
It launched a venture fund in 2019 after raising ZAR110 million (US$7.8 million) from the SA SME Fund, and has since invested in a number of companies.
Its pre-seed fund, operated in partnership with the Technology innovation Agency (TIA) targets projects in the early stages of technology development, such as proof of concept studies, development of prototypes and conducting market research.
Its aim is to ensure that innovators reach technical feasibility of their technologies or innovations currently at a TRL3 or TRL4 stage. The allowable amount per application is ZAR800,000 (US$44,000), with a maximum duration of 12-18 months.
The seed fund, meanwhile, is open to applicants who have previously completed a pre-seed funding project and are seeking follow-on funding for their technology or innovation to achieve a minimum viable product ready for piloting and market testing with clear regulatory pathway and route to market.
This grant is suitable for technologies or innovations that are within TRL5 and TRL6. The maximum allowable amount per application for this call is ZAR1.2 million (US$65,000), for a maximum duration of 12 – 24 months.
