pi Ventures closes first fund at Rs 225 crore

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Bengaluru | Published: September 25, 2018 2:24:10 AM

pi Ventures, an early stage venture fund that focusses on applied artificial intelligence, machine learning and IoT, has announced the final close of its first fund at Rs 225 crore, exceeding the initial target of Rs 195 crore.

pi Ventures closes first fund at Rs 225 crore

pi Ventures, an early stage venture fund that focusses on applied artificial intelligence, machine learning and IoT, has announced the final close of its first fund at Rs 225 crore, exceeding the initial target of Rs 195 crore.

CDC Group of the UK recently invested Rs 40 crore in pi Ventures.

Other key contributors to the fund include Hero Enterprise chairman Sunil Kant Munjal, International Finance Corporation (IFC), Electronic Development Fund (managed by Canbank Ventures), Sidbi, prominent family offices from the US, Canada, Singapore and India and entrepreneurs like Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikhchandani and Bhupen Shah.

The fund is co-sponsored by In Color Capital of Canada. It has received 60% of its corpus from institutional investors and majority from Indian LPs.

The fund was founded by Manish Singhal and Umakant Soni. Abishek Surendran joined it as a partner in 2017. The team is further supported by Shamik Sharma, ex-chief product & technology officer, Myntra.

Founding partner Singhal said, “We are thankful of the support from like-minded individuals and partners who believe in our investment thesis of backing innovation and disruption that solve real world problems through applied AI. India AI ecosystem is at an interesting intersection of data, talent and market need.”

pi Ventures will invest in 18-20 deep tech start-ups in India in the next three-four years with a significant portion allocated for follow-ons as well. The company will back start-ups in the health technology, logistics, retail, fintech and enterprise sectors.

pi Ventures has so far announced investments in SigTuple (revolutionising global healthcare space through data driven intelligence), ten3T (medical grade wearable device), NIRAMAI (non-touch, non-radiation, breast cancer screening), Zenatix (data-driven energy efficiency company), CustomerSuccessBox (customer success platform which helps B2B SaaS companies reduce, churn and grow their recurring revenue by applying AI and ML) and Locus.sh (logistics optimisation platform).

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