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Pi Ventures said it was targeting to close Fund II this fiscal year.
Domestic family offices, high net-worth individuals and entrepreneurs have evinced interest in the fund, it said.
The firm said it will continue to back companies in the early stage (seed, pre-Series A and Series A) companies and focus beyond digital deep tech startups to space technologies, material sciences, biotech and life sciences.
It plans to back 25 startups through the fund.
“So, the stage remains the same and the entry cheque size will also remain the same. In Fund I, we are going to back 14 companies, and in Fund II we’re likely to back 25 companies, even though the new fund is almost three times in size,” said Manish Singhal, co-founder and managing partner at Pi Ventures.
Pi Ventures launches second fund; aims to raise $75-100 million
As an early-stage VC fund focused on AI and deep-tech startups, Pi Ventures aims to expand the scope of its second fund with investment in newer areas.
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Pi Ventures, the early-stage venture capital fund based in India and focused on artificial intelligence and deep-tech startups, has announced the launch of its second fund with an initial target corpus of
Rs 565 crore ($75 million approximately).
Founded in 2016 by
Manish Singhal,
Pi Ventures is looking to expand the scope of startup investments through the second fund to invest in areas such as material sciences, biotech, nanotech, and spacetech to name a few.