Samreen Ahmad · · 1 min readIndia’s Pi Ventures secures $12m for second fund
Pi Ventures founder Manish Singhal / Photo credit: pi Ventures
Pi Ventures, an early-stage venture fund that invests in disruptive AI and deep tech startups, has secured 1 billion rupees (US$12.1 million) for its second fund from India’s SIDBI Fund of Funds.
In January last year, Pi Ventures marked the first close of its second fund at US$40 million. The company aims to finalize the fund in the second quarter of 2023, targeting an amount in the range of US$82.2 million to US$91.4 million, according to a statement.
The India-based VC firm plans to focus on early-stage investments, prioritizing startups in the areas of blockchain, spacetech, biotech, and material science.
It has committed to investing in seven startups: immunitoAI, Ottonomy, Silence Laboratories, Preimage, and three other ventures. Pi Ventures aims to invest in 20 t0 25 more startups in the next two to three years.
See also: New VC firm focused on Southeast Asia and India launches with $50m fund
Set up in 2016 by Manish Singhal, Pi Ventures concluded its first fund in 2018 at US$30 million.
Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Currency converted from Indian rupees to US dollars: US$1 = 82 rupees.
Editing by Thu Huong Le and Dhania Putri Sarahtika
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