India-based venture firm Pi Ventures has closed its second fund with a total commitment of Rs 702 crore ($85 million) for investment in artificial intelligence (AI) and deeptech startups. The fund, which exceeded its target of Rs 565 crore, is backed by institutional players, including BII, Nippon India Digital Innovation AIF, Accel, Colruyt, Premji Invest, entrepreneurs, and family offices. SIDBI, a key investor in Pi Ventures’ second fund, has made a commitment of Rs 100 crore from the Fund of Funds for Startups (FFS), more than double its investment in the first fund. Pi Ventures will focus on seed, pre-Series A, and Series A investments, with a particular emphasis on AI and other forms of deeptech across various sectors such as blockchain, space-tech, biotech, and material sciences. The fund has already invested in seven startups and plans to invest in 20-25 more in the next two to three years. Pi Ventures’ aim is to establish India as a hub for deeptech startups and contribute to the global deeptech landscape.
Venture Firm Pi Ventures Closes $85 Million Fund for AI and Deeptech Startups
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