Pi Ventures logs final close of its second fund at $85 million
Pi Ventures, which invests in artificial intelligence and deeptech startups, has announced the final close of its second fund with a total commitment of Rs 702 crore ($85 million), closing above the target of Rs 565 crore. The fund is backed by multiple institutional players, including BII, Nippon India Digital Innovation AIF (NIDIA), Accel, Colruyt, Premji Invest, as well as entrepreneurs and family offices. SIDBI has also returned as a key investor in Pi ventures’ second fund with a commitment of Rs 100 crore from the Fund of Funds for Startups (FFS), about 2.5 times of what the FFS had invested in the first fund.
The announcement of FFS’ investment had come in April, two weeks after the Bengaluru-based firm raised Rs 22 crore from Belgium’s Colruyt Group for the second fund. Pi Ventures had announced the first close of the second round in January 2022 with Rs 303.5 crore ($40 million) raised from venture capital firm Accel, entrepreneurs, high-net-worth individuals and family offices. Pi Ventures will continue to focus on the early stages of seed, pre-Series A and Series A investments with its latest fund.
The fund will continue to focus on AI and other forms of deeptech across sectors, including blockchain, space-tech, biotech and material sciences. The fund has so far invested in seven startups, including ImmunitoAI, Ottonomy.IO, Silence Laboratories, Preimage and Zero Cow Factory. It plans to invest in 20-25 such startups in the coming two to three years.
“India is a great place to build deeptech companies. We are privileged to have a role to play in the journey to put India on the deeptech map of the world,” said Manish Singhal, founding partner, Pi Ventures. Established in 2016 by Singhal, Pi Ventures closed its
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