MIT backs a VR Startup from Pakistan. The investment was done under the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) that aims to shape the future through creative thinking, innovation, entrepreneurial ambitions, and desire to help people.
Massachusets Institute of Technology (MIT) is a leading engineering university in the US and across the world. It is also one of the most credible institutions in the academic world. It is not the first time MIT backs a VR startup. MIT houses the MIT Startup Incubator where multiple startups have taken flight.
MIT selected Aiyin (pronounced as “eye-in”) from an application pool of 20 startups. In fact, more than 3400 companies applied for the initiative from more than 140 countries. All of these startups were eligible to gain support, however, Aiyin separated itself from the pack through its creative solutions in the domains of Virtual Reality (VR) and won the #GlobalMakerChallenge.
The selection process is not easy either. Furthermore, the selection and judgement community consisted of 47 notable members from various domains. Moreover, these members were globally renowned subject matter experts from institutes such as MIT, Airbus, Harvard Business School (HBS), and even HoneyWell.
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Consequently, after winning the backing, Aiyin secured more than 1.65 million rupees. Aiyin’s work primarily revolves around the notion that education can be made more accessible through the means of Virtual Reality. In third world countries, educational institutes lack quality scientific and research labs. In this case, VR can help bridge the gap. Moreover, devices such as HTC Vive and Oculus can be used as a substitute for developing full-fledged science labs with equipment and.
This very notion resonated with the jury as well as various other investors. Furthermore, the investor for Elon Musk, Tim Draper also showed interest in funding for Aiyin.
Aiyin claimed that this sort of engaging utilities can help elevate the learning experiences for many students. Moreover, they can be used to take a practical approach in learning and problem-solving in different subjects.
Needless to say, Aiyin is determined to revolutionize education as it is perceived in Pakistan through its VR utilities.