Pi Ventures, an early-stage venture firm specializing in artificial intelligence and deeptech startups, recently concluded the final close of its second fund, raising an impressive total commitment of Rs 702 crore ($85 million), surpassing its initial target of Rs 565 crore.
Notably, the fund received strong support from various institutional players, including BII, Nippon India Digital Innovation AIF (NIDIA), Accel, Colruyt, Premji Invest, as well as notable entrepreneurs and family offices. SIDBI also reaffirmed its commitment as a key investor, contributing Rs 100 crore from the Fund of Funds for Startups (FFS), a significant increase compared to its investment in the first fund.
The fund’s progress has been noteworthy, with the first close secured in January 2022, raising Rs 303.5 crore ($40 million) from venture capital firm Accel, entrepreneurs, high-net-worth individuals, and family offices.
Pi Ventures intends to continue its focus on early-stage investments, targeting seed, pre-Series A, and Series A rounds. The fund’s investment strategy will emphasize the deeptech domain, encompassing areas such as artificial intelligence, blockchain, space-tech, biotech, and material sciences.
With a portfolio of seven startups, including ImmunitoAI, Ottonomy.IO, Silence Laboratories, Preimage, and Zero Cow Factory, Pi Ventures aims to invest in 20-25 promising startups in the next two to three years.
Manish Singhal, founding partner of Pi Ventures, expressed confidence in India’s potential to emerge as a global hub for deeptech companies and highlighted the firm’s role in contributing to this journey.
Since its establishment in 2016, Pi Ventures successfully closed its first fund of $30 million in 2018, backing 15 deeptech startups, including Niramai, Pixis, Vysa, Agnikul, and Locus.
The Indian government’s draft national deep-tech startup policy, introduced on July 31, aims to enhance the deep-tech ecosystem through various initiatives, including improved access to funding, strengthening the intellectual property regime, supporting deeptech startups, and facilitating shared infrastructure and resource sharing.
In conclusion, Pi Ventures’ second fund’s final close signifies a significant milestone for the firm, further propelling India’s deeptech startup landscape and cementing its position as a key player in nurturing innovative ventures.
