, which backs early-stage deeptech firms, raised $8 million (Rs 65.9 crore) from British International Investment (BII), a UK-based finance institution and investor.
After backing startups that employ artificial intelligence (AI), including Locus, Limechat, Wysa, and Sigtuple, pi Ventures is now looking to invest in startups working in material science, which could be an artificial food firm, biotechnology, nanotechnology and space technology, among others.
“We are very bullish on India being front leader in deeptech and for global companies to emerge out of India. And we are building on the same thesis,” Manish Singhal, Founding Partner, pi Ventures, told YourStory in an interaction.
The venture capital firm is looking to back around 20-25 startups. pi Ventures has already invested in five startups—including ImmunitoAI, Ottonomy.IO, and Silence Laboratories—from the new cash infusion.
“There remains a significant funding gap in India for early-stage technology businesses. Our renewed commitment to pi Ventures’ second fund addresses this gap and the startups it will back have disproportionate impact potential,” Manav Bansal, Managing Director and Head of India, BII, in a release shared by the company.
In the first closing of pi Venture’s fund II, the firm raised Rs 303.5 crore ($40 million approx.) from high-net-worth individuals (HNIs) and family offices. The fund is backed by Nippon India Digital Innovation AIF (NIDIA), Accel, along with family offices of Binny Bansal, Varun Alagh, Anupam Mittal, and Deep Kalra, among others.
pi Ventures plans on closing the second fund, at Rs 565-750 crore (approx. $69-92 million), in the March-ended quarter of 2023.
