Ignite startup portal gives single point data access to national and international venture capitalists interested to invest in Ignite startups, was also launched on the occasion.
Dr. Khalid Maqbool Siddiqui, Federal Minister for IT & Telecom who was the chief guest at the occasion said, “Innovation is the prime determinant of technology knowledge-based economy that can bring maximum dividends in the areas of agriculture, energy, water resources and IT. It is about time that alongside natural resources we should also start focusing on intellectual capital, quality human resources, industrial development and value-added production. We are trying to encourage more innovative products like ElectroCure that has the potential to bring our electricity woes to an end.”
He further said “I’m sure Ignite startups will raise funding from national and international venture capitalists.”
Earlier speaking on the occasion Yusuf Hussain, CEO Ignite said, “the portal provides access to hundreds of startups like Electrocure or those on the way.”
Dr. Gul Muhammad, Director Company of Intelligent Systems Networks research (CISNR) explained that his Ignite funded product ElectroCure (which is now commercially available) aims to reduce electricity losses up to 90% through theft detection, load balancing and identifying other administrative/technical losses reduction procedures within the electricity infrastructure.
ElectroCure is an innovative idea and solution for effective and efficient electricity data management with meter-less architecture that also provides a low-cost smart metering solution with added features of both prepaid and post-paid billing systems. The advance feature of ElectroCure introduces a Smart High Voltage Distribution System (HVDS) for reliable and secure electricity distribution.
Senior officials of Ministry of IT & Telecom, Ministry of Energy and Power, WAPDA, Military Engineering Services (MES) attended the seminar.
