India's Techcelx launches $15m tech fund

Backers are understood to include three partners in the investment banking and technology sectors. The fund will make investments of up to $1.5 million per transaction, with a focus on machine learning, the internet-of-things, artificial intelligence, analytics, and automation. Equity stakes will range from 15-51%.

"Our vision is to help start-up organizations develop and apply next-gen technology solutions to disrupt legacy operating models," Techcelx's founder chairman and CEO Anant Gupta said, according to The Economic Times. Gupta is stepping down as CEO of IT services company HCL Technologies to focus on the fund.

Techcelx offers workshops focused on customer engagement in industries undergoing transformational digitization as well as programs aimed at developing ideas from incubation to production and scaling-up stages. The firm will support both established and emerging companies through digital re-engineering services, business development, VC funding and access to analysts and partnership networks.

The launch extends recent momentum in the local start-up incubation space, including a INR5 billion government commitment last month to the Startup India campaign. This represented a 450% increase in the Department of Science & Technology's (DST) previous budget for the program this year.

DST has helped establish more than 100 technology-focused incubators in academic and R&D institutions, hosting some 2,000 start-ups. Recent activity on this front includes the creation of a INR1 billion incubator in August to support the local oil industry.

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