AI & Robotics Technology Park to launch $100 million Venture Fund to invest in AI, Robotics Startups
The Indian Institute of Science (IISc) - Bengaluru's AI & Robotics Technology Park (ARTPARK) has announced the formation of a $100 million venture fund.
The Securities Exchange Board of India (SEBI) has given ARTPARK permission to launch the fund.
In an interview, ARTPARK CEO Umakant Soni said that the venture fund will be formally launched by the end of this month, pending SEBI approval, and that money deployment will likely begin in May or June.
"We have some soft commitments, from not only investors within India, but from overseas as well to invest in the fund," Soni said.
According to Soni, the venture fund's investment size will range from $1 million to $3 million, with a 10- to 12-year investment horizon.
"The fund is especially interested in investing in AI and Machine Learning-based start-ups in the healthcare, education, and mobility sectors."
ARTPARK is already collaborating with AI and robotics startups such as XraySetu, a doctor-focused AI-driven X-ray screening and interpretation platform; Avtaar Robotics, a virtual healthcare services platform; Bhasha Setu, a language processing startup; Akashmarg, a drone manufacturer; and Project Eklavya, a remote learning school.
On Monday, the IISc campus in Bengaluru hosted the launch of ARTPARK. The Department of Science and Technology (DST) and the Karnataka government have seed-funded the not-for-profit firm, which is pushed by IISc and supported by AI-foundry, with a total of 230 crore ($32 million) to help translate cutting-edge research into solutions that may influence society.
The Securities Exchange Board of India (SEBI) has given ARTPARK permission to launch the fund.
In an interview, ARTPARK CEO Umakant Soni said that the venture fund will be formally launched by the end of this month, pending SEBI approval, and that money deployment will likely begin in May or June.
"We have some soft commitments, from not only investors within India, but from overseas as well to invest in the fund," Soni said.
According to Soni, the venture fund's investment size will range from $1 million to $3 million, with a 10- to 12-year investment horizon.
"The fund is especially interested in investing in AI and Machine Learning-based start-ups in the healthcare, education, and mobility sectors."
ARTPARK is already collaborating with AI and robotics startups such as XraySetu, a doctor-focused AI-driven X-ray screening and interpretation platform; Avtaar Robotics, a virtual healthcare services platform; Bhasha Setu, a language processing startup; Akashmarg, a drone manufacturer; and Project Eklavya, a remote learning school.
On Monday, the IISc campus in Bengaluru hosted the launch of ARTPARK. The Department of Science and Technology (DST) and the Karnataka government have seed-funded the not-for-profit firm, which is pushed by IISc and supported by AI-foundry, with a total of 230 crore ($32 million) to help translate cutting-edge research into solutions that may influence society.
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