IIT Bombay Launches Deep Tech VC Fund

Mumbai, Dec 9 (PTI) Society for Innovation and Entrepreneurship (SINE), an umbrella organisation at the Indian Institute of Technology Bombay, on Tuesday launched India's first-ever deep tech venture capital fund, Y-Point Venture Capital Fund, worth Rs 250 crore.

Y-Point Venture Capital Fund, which is managed by an academia-linked incubator, with a total fund size of Rs 250 crore, is set to redefine the trajectory of India's deep tech startups by providing crucial risk capital at an early stage of their journey, IIT Bombay said in a statement.

The fund aims to address these pain points and is designed to accelerate the journey of a startup from lab to market.

Y-Point Venture Capital Fund will invest in deep tech startups emerging from IIT Bombay and other premier academic and research institutes.

It will invest in pre-seed and seed stages across 25-30 startups with a maximum ticket size of Rs 15 crore.

"The fund will serve as a catalyst for building global competitive ventures by leveraging the world-class talent, academic knowledge and cutting-edge research within IIT Bombay and other leading academic and research institutions in the country," IIT Bombay Chairperson, Board of Governors, Dr K Radhakrishnan said.

The fund will strategically invest in companies building products backed by fundamental research, with a keen focus on high-impact sectors including Artificial Intelligence, Advanced Computing, Advanced Manufacturing, Advanced Materials, Nuclear Technology, Space and Defence Technology, Climate and CleanTech and Life Sciences and Healthcare.

The fund has received approval from the Securities and Exchange Board of India (SEBI). It is registered as a Category II Alternative Investment Fund (AIF).

"SINE, as an incubator, has played a pivotal role in the development of startups ecosystem in IIT Bombay by providing critical infrastructure support, mentorship, access to capital, visibility and liquidity.

"The fund will further enhance its role to speed up the journey from cutting-edge research to commercially viable products. Our fund will be the first institute-linked investment manager to back such promising ventures," IIT Bombay Director Prof Shireesh Kedare added.