Panasonic Life Solutions India and Panasonic Corporation unveiled a corporate innovation initiative called "Panasonic Ignition" in association with the seed-stage venture capital firm 100X.VC. The program, according to the company, aims to mentor early- to mid-stage startups in the field of energy management for both the commercial and residential sectors and to offer financial support. According to the statement, the program aims to build a robust platform where upcoming startup founders can obtain funding, access to various masterclasses, professional mentoring, and strategic support to promote product development and growth. These initiatives will be crucial in addressing the practical issues with energy management in spatial infrastructures.

Manish Sharma, Chairman of Panasonic Life Solutions India and South Asia, underlined the growing digital revolution in India, characterized by over 750 million active internet users. He said India stands as the third-largest hub for startups, hosting 90,000 of them and 107 unicorn companies with a collective valuation of $30 billion. Moreover, projections indicate that by 2030, India could see over 180,000 startups emerging, promising boundless opportunities. "Panasonic, in line with these vast prospects, seeks to play a pivotal role in the Indian startup ecosystem by supporting local entrepreneurs," he stated.

Kunio Gohara, Chief Transformation Officer and Head of the CVC office at Panasonic Corporation, highlighted the Panasonic KURASHI Visionary Fund (PKVF), a corporate venture capital fund established in July 2022. PKVF is mandated to invest in early to mid-stage startups across Japan, Europe, and India, with a total investment commitment of Yen 8 Billion (Rs 450 crore) for the mid to long term. He said Panasonic Ignition allows startups to tap into Panasonic's local and global expertise to enhance their competitiveness and growth potential. Yagnesh Sanghrajka, Founder and CFO of 100X.VC added, "This initiative will undoubtedly contribute to developing groundbreaking solutions for the energy management sector and empower startups to thrive in a competitive market".