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Lino Gandola and Ankit Anand, Founding Partners, Riceberg Ventures
Global early-stage venture capital firm Riceberg Ventures has announced the launch of a $20 million fund dedicated to fueling innovation in deeptech sectors such as spacetech, artificial intelligence (AI), cybersecurity, novel energy, semiconductors and quantum computing.
Backed by a consortium of Limited Partners, the fund aims to bridge the funding gap that early-stage startups often face, particularly in research-intensive industries with long incubation periods. It plans to invest in 25 to 30 startups worldwide, with an average ticket size of $500,000.
Along with capital, Riceberg Ventures will offer hands-on support to help portfolio startups achieve product-market fit through a global network of deep-tech business and technical experts.
Focus on emerging industries
Founded in 2023 by Ankit Anand, Mredul Sarda, Shubham Raj and Lino Gandola, Riceberg Ventures has already backed several startups, including Manastu Space, Signatur Biosciences, EtherealX and Keyron Medical. The firm’s primary goal is to discover and nurture companies that are creating new markets or reinventing existing ones.
According to Anand, a physicist-turned-entrepreneur, the rise of deeptech represents an opportunity to solve complex global challenges.
“True venture success comes from investing in disruptive solutions that create entirely new markets or redefine existing ones. This fund is our commitment to supporting DeepTech entrepreneurs tackling complex global challenges,” Anand said.
Global reach and collaborative programs
Riceberg Ventures operates in India, Europe and the United States, enabling it to connect entrepreneurs with an extensive international community of scientists, venture capitalists and corporate partners. One of its flagship initiatives is KickSky, a SpaceTech accelerator run in collaboration with E2MC Ventures.
KickSky’s second cohort launched recently, featuring startups that are building technologies in orbital systems and advanced propulsion. The program also has strategic ties with global stakeholders, including a memorandum of understanding (MoU) with the Hungarian government to promote cross-border collaboration.
Empowering Indian innovators
While India’s DeepTech ecosystem has benefited from government measures such as the Rs 10,000-crore Startup Fund of Funds and the Rs 50,000-crore National Research Foundation, early-stage founders still struggle with long development cycles and high capital requirements.
“The Indian diaspora has played a pivotal role in some of the world’s most significant innovations, from Google’s early development to OpenAI’s breakthroughs,” said Lino Gandola, Founding Partner at Riceberg Ventures and a former European VC professional. “Yet, many Indian founders have historically operated in the background due to systemic challenges and limited access to early-stage capital,” he added.
“Our mission is to empower Indian researchers and entrepreneurs to take center stage, providing them with the resources needed to build the next Google or SpaceX,” said Mredul Sarda, Founding Partner, Riceberg Ventures, IIT Bombay alumnus and former Strategy at Slice, an Indian fintech unicorn.