India's Pi Ventures reaches $25m second close on AI fund

The fund is targeting $30 million and will target early-stage start-ups aiming to use AI and machine learning to solve problems in the healthcare, logistics, retail, financial technology and enterprise sectors.

LPs announced to date include the Small Industries Development Bank of India, Canada’s In Colour Capital, domestic electronics maker Hero Electronix, and family offices from the US, Canada, Singapore and India. Domestic entrepreneurs and high net worth individuals such as Flipkart's Binny Bansal and Hero Enterprise's Sunil Munjal have also contributed to the fund, as has the International Finance Corporation (IFC), which committed $3 million last year.

Pi has made four investments since its founding in 2016, including a Series A round for healthcare-focused start-up SigTuple Technologies led by Accel Partners. It has also invested in energy consultancy Zenatix, medical data app developer ten3t and Niramai Health Analytix, which is developing an early detection method for breast cancer.

Though Pi claims to be India’s first AI and machine learning-focused early stage fund, other VC firms have also been active in the space. Participants include technology investor and accelerator Techcelx and Helion Venture Partners spin-out Stellaris Venture Partners, both of which launched funds in 2016 with remits including AI.

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• Topics
• South Asia
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• TMT