Early-stage venture fund pi Ventures announces final closure of its second fund at $85M

Early-stage venture fund pi Ventures has announced the final close of its second fund with a total commitment of Rs 702 crore (or $85 million), closing above its base target of Rs 565 crore (or $68 million).

According to the firm, British International Investment (BII), Nippon India Digital Innovation AIF (NIDIA), Accel, Colruyt, and PremjiInvest invested in the second fund.

The fund is also backed by the family offices of Binny Bansal, Varun Alagh, Samit Shetty, Rajesh Ranavat, Anupam Mittal, Hemendra Kothari, Hitesh Oberoi, Ullas Kamath, and Deep Kalra.

With this second fund, pi Ventures will invest in startups focused on disruptive AI (artificial intelligence) and other forms of deeptech across sectors including, but not limited to, spacetech, biotech, blockchain and material science, among others, in 20-25 such startups in the coming two to three year, the firm said.

Founded in 2016 by Manish Singhal and Umakant Soni, The VC firm will continue to invest in the early stages, including seed, pre-Series A, and Series A.

Pixis, Agnikul, Wysa, Niramai, Locus, LimeChat, Zero Cow Factory, Ottonomy, Preimage, Silence Laboratories, immunitoAI, SwitchOn, Ai Palette, SigTuple, Insane, TrueLark, Customer Success Box, Transper, and Ten3T are its portfolio startups.