pi Ventures Raises $8 Million From UK's British International Investment The fund will be used to invest in startups focused on disruptive AI and other forms of deep tech across sectors
By Teena Jose
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Early-stage venture fund pi Ventures that invests in disruptive artificial Intelligence and deeptech startups, has raised $8 million from British International Investment (BII), the UK's development finance institution and impact investor. The fund will be used to invest in startups focused on disruptive AI and other forms of deep tech across sectors including, but not limited to blockchain, spacetech, biotech, and material science among others.
The fund is backed by Nippon India Digital Innovation AIF (NIDIA), Accel, and entrepreneurs and family offices such as Binny Bansal, Varun Alagh, Samit Shetty, Rajesh Ranavat, Vikram Kailas, Anupam Mittal, Hemendra Kothari, Hitesh Oberoi, Ullas Kamath, Deep Kalra, senior leaders from IBM, Facebook and Google among others.
"We are delighted to have the continued support from BII. The confidence in our team and our investment strategy reinforces our commitment to support talented entrepreneurs who are creating disruptive products that solve fundamental real-world problems with innovative technology-backed solutions," said Manish Singhal, founding partner, pi Ventures.
The fund backs disruptive tech ventures solving global problems thus creating 10 times differentiated businesses. With the BII investment, the fund is currently tracking confirmed investments of over INR 530 crore and plans to do its final close in the first quarter of CY 2023 in the range of INR 565 crore to INR 750 crore, as per the company's statement.
"There remains a significant funding gap in India for early-stage technology businesses. Our renewed commitment to pi Ventures' second fund addresses this gap and the startups it will back will have disproportionate impact potential," said Manav Bansal, managing director and head of India, British International Investment.
Established in 2016 by Manish Singhal, pi Ventures is an early stage venture capital fund pioneering AI and deep tech investments in India.
