Riceberg Ventures, a global early-stage venture capital firm, has launched a $20 million fund aimed at investing in deeptech startups across sectors such as spacetech, artificial intelligence, health tech, cybersecurity, and novel energy. The firm plans to back 25 to 30 Indian startups, with an average investment of $500,000 per startup.

Founded in 2023 by Ankit Anand, Mredul Sarda, Shubham Raj, and Lino Gandola, Riceberg Ventures has already invested in innovative startups like Manastu Space, Signatur Biosciences, EtherealX, Keyron Medical, and Arch0.

According to Founding Partner Ankit Anand, Riceberg focuses on startups developing foundational technologies that demand extensive research and development to address complex global problems. The firm aims to support 30 to 40 ventures, prioritizing visionary founders working on breakthrough technologies.

Discussing the potential of spacetech, Anand noted that innovation in the sector is gaining momentum, driven by reduced launch costs and the Indian Space Policy 2023, which defines roles for ISRO, NSIL, and private enterprises, alongside a government capital commitment of Rs. 1,000 crore. He emphasized the advantage of experienced entrepreneurs emerging from institutions like ISRO, IIST, and IITs.

Riceberg Ventures has also set aside funds for follow-on investments. Founding Partner Mredul Sarda highlighted the firm’s global presence in Europe and San Francisco, which provides startups with access to strategic growth capital and infrastructure, along with co-investment opportunities with major VC funds.

Despite growing government support through initiatives like the Rs. 10,000 crore Startup Fund of Funds and Rs. 50,000 crore National Research Foundation, Riceberg acknowledged that deeptech startups face challenges securing investment due to long R&D cycles and incubation periods.