Speciale Invest, a venture capital firm based in India, has closed its third fund at 600 crore rupees (US$72 million), exceeding its initial target of 500 crore rupees (US$60 million).

The fund will be used to back 18–20 early-stage startups in sectors such as space, advanced manufacturing, energy, health, and AI between 2025 and 2029.

Speciale Invest has previously invested in Indian deeptech startups including Agnikul Cosmos, the ePlane Company, GalaxEye, QNu Labs, Fermbox, Inspecity, and Newtrace.

The firm said fund III will focus on startups working on technologies critical to India’s economic and national security, such as secure communications, quantum technologies, and clean energy.

Speciale Invest’s third fund is supported by family offices, institutions, and strategic investors.

The company was founded in 2017 and invests at the pre-seed and seed stages in deeptech sectors.

🔗 Source: Speciale Invest

🧠 Food for thought

1️⃣ India’s deep tech funding ecosystem reaches critical scale as third wave matures

Speciale’s ₹600 crore Fund III represents the evolution of India’s startup ecosystem into what experts call the “third wave,” focused on deep tech and B2B innovation rather than consumer applications1.

This scale allows the firm to lead early rounds and support the long development cycles that deep tech requires, addressing a key challenge where these startups need sustained capital over multiple years2.

The timing aligns with India’s growing deep tech maturity, with the country expected to host around 3,600 deep tech startups by 2025, up significantly from previous years2.

India now ranks seventh globally for deep tech startups, positioning itself as a serious player alongside traditional leaders like the US and China3.

This growth comes as the government has committed significant funding for deep tech R&D in the 2025-26 budget, signaling institutional support for the sector4.

2️⃣ Sovereign tech focus aligns with global supply chain realignment trends

Speciale’s emphasis on “sovereign tech” reflects broader global patterns where countries are prioritizing technological self-reliance following supply chain disruptions.