India’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.