AI-focused VC firm Pi Ventures to raise $76m for second fund

Pi Ventures, an early-stage venture fund based in India that invests in artificial intelligence and deep-tech startups, has launched its second fund.

More details

• Investors: Undisclosed institutional investors and family offices
• Target amount: US$75.6 million, with a greenshoe option of US$24.8 million.
• Ticket size of funding: Under US$1 million
• Sectors: Space technology, material science, biotech, and life sciences

More company updates

• Pi Ventures will use the fund to back about 25 tech startups from India in the seed, pre-series A, and series A stages.
• The firm expects the fundraise to continue for the next three to four quarters. It is also close to signing its first term sheet for investment in a company, co-founder Manish Singhal tells Tech in Asia.
• Its fund portfolio has backed companies including mental health app Wysa, AI marketing cloud firm Pyxis, and spacetech startup Agnikul, among others.
• Pi Ventures’ first fund has a corpus of US$30 million and is backed by limited partners such as CDC Group, International Finance Corporation, Accel Partners, and Small Industries Development Bank India.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.