tnessf

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.

The Chief Minister of Tamil Nadu, Mr. Stalin, launched the Tamil Nadu Emerging Sector Seed Fund on Friday. This joint initiative between the state government's Finance and Industries Departments provides investments for startups in emerging sectors, including aerospace and defense applications, AI web 30, climate tech, and deep tech. Five companies have been approved to receive collective funds of 134 crore. The state government has invested 50 crore in the fund. Plans are afoot to increase the investments in the fund to 500 crore in the financial year 202324. A portal for companies' compliances and financials monitoring system was also launched on the occasion. The website that monitors 66 public sector undertakings will also alert directors and key officials of the respective PSUs in the event of any violation to the Companies Act 2013.