Cohort for early-stage startups: Venture capital Peak XV, on Monday, announced the launch of its Cohort 9 for early-age startups, under its rapid-scale-up program Surge, which it will train 13 startups, according to a report by the PTI. The Cohort 9 is the first after the separation of Sequoia India & Southeast Asia from Sequoia Capital US.
The 13 ventures from India, Singapore, and Australia will undergo a 16-week program focused on company building under the cohort. “Cohort 09 marks several milestones for the firm. It is the first since Peak XV’s rebrand from Sequoia India & Southeast Asia and forays into greater Asia-Pacific expansion with the inclusion of Australia-based startups,” Peak XV said in a statement, according to PTI.
According to the report, startups from the previous cohorts have collectively raised $2 billion in the following post-surge rounds in the last five years.
“We are thrilled to be at the frontlines of innovation alongside our ambitious founders, who are leveraging their expertise to chart new ground in exciting, emerging technologies,” said Rajan Anandan, Managing Director, Peak XV and Surge.
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Indian semiconductor companies Mindgrove and InCore are a part of the Cohort. “Mindgrove and InCore are India’s first few semiconductor companies that are poised to play significant roles in the country’s ambition to become a global semiconductor hub,” the statement said, as reported by PTI.
According to a report by Bloomberg, Cohort 9 of the Surge is dominated by Artificial Intelligence and Deep Tech startups, with 10 out of the 13 startups coming from the industry. The cohort includes seven Indian companies, four Southeast Asian companies, and two Australian companies.
“If 1999 was the start of the consumer internet era, then 2023 will be the beginning of the AI era,” Shailendra Singh, managing director of Peak XV, said in a phone interview with Bloomberg. “The last six months have been pivotal as AI systems are showing efficacy and can be used to build crucial applications,” he added.