Investments in the three sectors -- deep tech (including AI startups) climate tech and semiconductors -- have totalled $1.58 billion in 2023, in five months itself, according to data from Tracxn.
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Investors told ET that beyond the funding winter, reasons attributable to the sudden increase in interest for these emerging sectors include increased adoption of environment-friendly technologies and policy pushes from the government in areas ranging from domestic manufacturing, emissions monitoring to renewables.
Venture capital fund Matrix Partners also plans to double down on sectors like electric mobility where it already has Ola Electric in its portfolio. It also plans to invest in startups in the semiconductor space and pick bets in the buzzy artificial intelligence (AI) sector, where it has already backed three ventures including text-to-speech software startup Murf.ai.
“We have made about 5-6 investments in these technologies... Three of them are in AI… We are aggressively looking at this theme from our new fund and the reasons why this is becoming more real today versus 3-5 years ago is that talent, capital and government push – all these three factors are coming together to make it happen,” Tarun Davda, partner and managing director at Matrix Partners India told ET.
“Obviously, the rest of the sectors continue their cycles – consumer tech, fintech, B2B, but a lot of those themes have now played out and people are now looking at what’s next,” he added.
The VC fund, which has backed startups such as payments platform Razorpay, ride hailing company Ola and online gaming startup Zupee among others, made a final close of its latest India fund at $550 million – the largest corpus it has raised for the country since starting operations here in 2006.
Hyperspectral imaging startup Pixxel raised $36 million from investors, including Google, Lightspeed, Blume Ventures and Athera Venture Partners, processor design company InCore Semiconductors, raised $3 million from Sequoia Capital India and green hydrogen manufacturers Newtrace raised $5.65 million Sequoia Capital India and Aavishkaar Capital.
ET had reported on April 11 that venture capital firms focused on the deep tech sector are reinforcing their presence in India at a time when AI is creating ripples across the tech world on the back of the launch of Open AI’s ChatGPT.
“Funds or investors are always hunting for a sector where there is a tailwind where things are automatically taking off so whatever you invest will also take off right… In the last three- or four-years, emergent<\/a> sectors have been essentially about climate- and deep-tech. It's been happening for a while, but different funds are showing different risk appetites now,” Lightspeed India partner Rahul Taneja told ET. In the last 12 months, Lightspeed in India has done four such deals in these sectors.
Even as the sectors require patient capital, investors see two crucial ingredients to investable climate-tech and deeptech businesses – moat with strong intellectual property and a clear line of revenue once commercialisation begins.
Athera Venture Partners, previously Inventus India, is currently closing a Rs 900-1,000 crore fund, and plans to deploy 30% of the fund in emerging sectors like climate-tech, deep tech and semiconductors over the next two-three years, Rutvik Doshi, managing director, Athera Venture Partners, told ET.
“We’re an early-stage investor so I don’t have the luxury of doing a Series B, C or D. But a broad-based growth stage investor has the luxury of getting into these emerging sectors and waiting and watching… That is why you’re seeing these broad-based funds getting into a Pixxel or Euler Motors only now. Going forward, two years down the line, you will see competition in this segment from everybody,” Doshi said.
Sector Watch
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Recent impetus by government policies in areas such as electric vehicles has also attracted venture bets into these sectors. These include production-linked incentive schemes, subsidies to push adoption of electric vehicles, etc. A recent study by government think-tank Niti Aayog has estimated that $267 billion worth of investment will be required in EVs, battery infrastructure, and charging infrastructure to make a full transition to EVs.
“As the EV adoption grows, there are second tier companies emerging in the space that investors will be watching out for. These include startups in the battery storage space, battery recycling, EV components, hardware and software-enabled electric mobility services, etc,” a Delhi-based mobility-focused investor told ET. The investor added that emerging use-cases from first tier EV platforms like Uber and BluSmart could kickstart investments into those building back-end products and services.
Similarly, Taneja from Lightspeed highlighted four sub-sectors within deeptech to watch out for – spacetech with its satellites and rockets, semiconductors with potential manufacturing, robotics and internet-of-things with an interplay of hardware and software, and drones with advanced regulations and policy in place.
“India is ready for climate tech. Specialised funds are continuing to deploy capital. But larger generalists are increasingly taking small bets in the space as no one wants to miss the bus. For a lot of them, the small cheques at the most are round-off errors,” Swapna Gupta, partner, Avaana Capital, which is currently investing from its second fund, focused solely on climate-tech.
Avaana Capital has led a $2 million seed-funding round in environmental, social and governance software maker Sentra.world. RPG Ventures and Golden Sparrow Ventures also participated in the round. The company helps clients monitor its scope 3, or supplier related, emissions and manage it efficiently.
“By prioritising scope 3 emissions, we drive sustainability across the value chain for industrial businesses in India, the Middle East, and Southeast Asia, with future expansion into Europe,” Harsh Choudhry, cofounder and CEO of Sentra.world, told ET.
Gupta from Avaana Capital pointed to several policy waves prompting a push in climate tech deals. The first was the government’s push on solar and other renewables-linked policies. Second was the electric vehicles-led push on renewables. Third is the policy push on the circular economy via which reporting, monitoring and controlling emissions solutions will gain prominence and finally, water-related sciences with critical freshwater shortage issues projected globally.
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风险资本基金等红杉资本印度,光速
印度,经纬印度、Athera Venture Partners和Accel合作伙伴越来越多地部署早期资本等新兴行业的电力流动,人工智能,深技术,climate-tech和半导体,在资金为cash-guzzling受到打击业务在高科技消费品和fintech空间模型。
投资的三个部门——深技术(包括创业AI)气候技术和半导体——在2023年总计15.8亿美元,在5个月,根据Tracxn数据。
投资者告诉等资金以外的冬天,原因归因于突然增加对这些新兴领域包括增加采用环保技术,从政府政策推动地区从国内制造业,排放监测可再生能源。
风险资本基金经纬还计划双在诸如电动流动已经Ola电气在其投资组合。它还计划投资于初创公司在半导体空间和选择押注在时下流行的人工智能(AI)部门,它已经支持三个企业启动Murf.ai包括语音合成软件。
“我们对5 - 6在这些技术的投资……他们三个在AI…我们正在积极寻找在这个主题从我们的新基金,这是今天变得更真实的原因与3 - 5年前是人才,资本和政府推动——所有这三个因素在一起使它发生,”塔伦Davda,合伙人兼董事总经理经纬印度告诉等。
“很明显,其余的部门继续循环——消费者科技,fintech, B2B,但是很多的主题已经上演,人们现在看接下来是什么,”他补充道。
风投基金,支持创业等支付平台Razorpay骑称赞公司Ola和在线游戏启动Zupee等等,最终关闭了其最新的印度基金为5.5亿美元——最大的语料库,它引发了在2006年开始运营以来的国家。
高光谱成像技术启动Pixxel从投资者筹集了3600万美元,包括谷歌、光速,布鲁姆企业Athera Venture Partners,处理器设计公司InCore半导体,筹集了300万美元来自红杉资本印度和绿色氢制造商Newtrace印度和Aavishkaar红杉资本筹集了565万美元资金。
等了4月11日报道说,风险资本公司集中在深科技行业正在巩固其存在在印度时人工智能创造涟漪整个科技世界的开放艾未未的ChatGPT的发射。
“基金或投资者总是寻找一个部门有一个顺风事情自动起飞所以无论你投资还将马上…在过去三或四年,紧急已经基本上对气候和科技密集型行业。发生了一段时间,但不同的基金表现出不同的风险偏好,“光速印度合作伙伴拉胡尔希夫告诉等。在过去12个月中,光速在印度做了四个这样的协议在这些领域。
尽管行业需要耐心资本,投资者看到两个关键成分可投资climate-tech deeptech业务——护城河和强有力的知识产权和明确的收入一旦商业化开始。
Athera Venture Partners,以前Inventus印度,目前关闭900 - 1000卢比基金和计划部署30%的基金在climate-tech等新兴领域,深技术和半导体在未来2 - 3年,Rutvik Doshi,董事总经理,Athera Venture Partners,告诉等。
“我们一个早期投资者所以我没有做一系列的豪华B, C或d .但基础广泛的经济增长阶段投资者进入这些新兴的奢侈品行业和等待和观看…这就是为什么你看到这些广泛的基金进入Pixxel或欧拉汽车直到现在。展望未来,两年下来,你会看到这段的竞争从每个人,”Doshi说。
部门表
最近推动政府政策在电动汽车等领域也吸引了风险投资进入这些领域。这些包括根据激励方案,补贴将采用电动车辆,等。最近的一项研究由政府智库镍钛Aayog估计价值2670亿美元的投资需要在电动汽车,电池的基础设施,和完全过渡到电动汽车充电设施。
“随着电动汽车采用的增长,有二级公司,新兴的空间,投资者将密切关注。这些包括初创公司在电池存储空间,电池回收,电动汽车组件,硬件和software-enabled电动流动服务,等等,”德里便携的投资者告诉ET。投资者补充说,乳房等新兴电动汽车平台用例从第一层和BluSmart可以启动投资那些构建后端产品和服务。
同样,从光速希夫强调四个部门在deeptech当心——spacetech卫星和火箭,半导体与潜在制造、机器人技术和物联网硬件和软件的相互作用,并与先进的无人机在地方法规和政策。
“印度准备气候技术。专业基金继续部署资金。但更大的多面手越来越小赌注空间没有人愿意错过公共汽车。对很多人来说,小支票在最舍入错误,“副研究员Gupta,伙伴,Avaana资本,目前投资的第二个基金,仅仅关注climate-tech问题。
Avaana资本导致了200万美元的种子资金在环境、社会和治理软件制造商Sentra.world。RPG企业和合资企业也参加了一轮金色的麻雀。公司帮助客户监控范围3,或供应商联系,排放和有效地管理它。
“通过优先考虑范围3排放,我们推动工业企业的可持续发展在整个价值链在印度,中东,东南亚,与未来的扩张到欧洲,“恶劣影响,日产森特拉的创始人和首席执行官。世界,告诉等。
古普塔Avaana资本指出几个政策波促使推动气候技术的交易。首先是政府的推动太阳能和其他renewables-linked政策。二是电动vehicles-led推动可再生能源。三是政策推动循环经济通过报告、监测和控制排放的解决方案将获得声望和最后,与水相关的科学与预计全球淡水紧缺问题。
投资的三个部门——深技术(包括创业AI)气候技术和半导体——在2023年总计15.8亿美元,在5个月,根据Tracxn数据。
投资者告诉等资金以外的冬天,原因归因于突然增加对这些新兴领域包括增加采用环保技术,从政府政策推动地区从国内制造业,排放监测可再生能源。
风险资本基金经纬还计划双在诸如电动流动已经Ola电气在其投资组合。它还计划投资于初创公司在半导体空间和选择押注在时下流行的人工智能(AI)部门,它已经支持三个企业启动Murf.ai包括语音合成软件。
“我们对5 - 6在这些技术的投资……他们三个在AI…我们正在积极寻找在这个主题从我们的新基金,这是今天变得更真实的原因与3 - 5年前是人才,资本和政府推动——所有这三个因素在一起使它发生,”塔伦Davda,合伙人兼董事总经理经纬印度告诉等。
“很明显,其余的部门继续循环——消费者科技,fintech, B2B,但是很多的主题已经上演,人们现在看接下来是什么,”他补充道。
风投基金,支持创业等支付平台Razorpay骑称赞公司Ola和在线游戏启动Zupee等等,最终关闭了其最新的印度基金为5.5亿美元——最大的语料库,它引发了在2006年开始运营以来的国家。
高光谱成像技术启动Pixxel从投资者筹集了3600万美元,包括谷歌、光速,布鲁姆企业Athera Venture Partners,处理器设计公司InCore半导体,筹集了300万美元来自红杉资本印度和绿色氢制造商Newtrace印度和Aavishkaar红杉资本筹集了565万美元资金。
等了4月11日报道说,风险资本公司集中在深科技行业正在巩固其存在在印度时人工智能创造涟漪整个科技世界的开放艾未未的ChatGPT的发射。
“基金或投资者总是寻找一个部门有一个顺风事情自动起飞所以无论你投资还将马上…在过去三或四年,紧急已经基本上对气候和科技密集型行业。发生了一段时间,但不同的基金表现出不同的风险偏好,“光速印度合作伙伴拉胡尔希夫告诉等。在过去12个月中,光速在印度做了四个这样的协议在这些领域。
尽管行业需要耐心资本,投资者看到两个关键成分可投资climate-tech deeptech业务——护城河和强有力的知识产权和明确的收入一旦商业化开始。
Athera Venture Partners,以前Inventus印度,目前关闭900 - 1000卢比基金和计划部署30%的基金在climate-tech等新兴领域,深技术和半导体在未来2 - 3年,Rutvik Doshi,董事总经理,Athera Venture Partners,告诉等。
“我们一个早期投资者所以我没有做一系列的豪华B, C或d .但基础广泛的经济增长阶段投资者进入这些新兴的奢侈品行业和等待和观看…这就是为什么你看到这些广泛的基金进入Pixxel或欧拉汽车直到现在。展望未来,两年下来,你会看到这段的竞争从每个人,”Doshi说。
部门表
最近推动政府政策在电动汽车等领域也吸引了风险投资进入这些领域。这些包括根据激励方案,补贴将采用电动车辆,等。最近的一项研究由政府智库镍钛Aayog估计价值2670亿美元的投资需要在电动汽车,电池的基础设施,和完全过渡到电动汽车充电设施。
“随着电动汽车采用的增长,有二级公司,新兴的空间,投资者将密切关注。这些包括初创公司在电池存储空间,电池回收,电动汽车组件,硬件和software-enabled电动流动服务,等等,”德里便携的投资者告诉ET。投资者补充说,乳房等新兴电动汽车平台用例从第一层和BluSmart可以启动投资那些构建后端产品和服务。
同样,从光速希夫强调四个部门在deeptech当心——spacetech卫星和火箭,半导体与潜在制造、机器人技术和物联网硬件和软件的相互作用,并与先进的无人机在地方法规和政策。
“印度准备气候技术。专业基金继续部署资金。但更大的多面手越来越小赌注空间没有人愿意错过公共汽车。对很多人来说,小支票在最舍入错误,“副研究员Gupta,伙伴,Avaana资本,目前投资的第二个基金,仅仅关注climate-tech问题。
Avaana资本导致了200万美元的种子资金在环境、社会和治理软件制造商Sentra.world。RPG企业和合资企业也参加了一轮金色的麻雀。公司帮助客户监控范围3,或供应商联系,排放和有效地管理它。
“通过优先考虑范围3排放,我们推动工业企业的可持续发展在整个价值链在印度,中东,东南亚,与未来的扩张到欧洲,“恶劣影响,日产森特拉的创始人和首席执行官。世界,告诉等。
古普塔Avaana资本指出几个政策波促使推动气候技术的交易。首先是政府的推动太阳能和其他renewables-linked政策。二是电动vehicles-led推动可再生能源。三是政策推动循环经济通过报告、监测和控制排放的解决方案将获得声望和最后,与水相关的科学与预计全球淡水紧缺问题。
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