Pi Ventures raises $8 million from British International Investment (BII) for its second fund. Pi Venture usually invests in deep-tech and artificial intelligence startups with early-stage capital.
It plans to make the final close of Fund-II by the first quarter of 2023, and has backed startups like Agnikul, Niramai and Locus.
Manish Singhal, Founding Partner at pi Ventures, said, “We are delighted to have the continued support from BII. The confidence in our team and our investment strategy reinforces our commitment to support talented entrepreneurs who are creating disruptive products that solve fundamental real-world problems with innovative technology-backed solutions.”
Manav Bansal, Managing Director and Head of India at British International Investment, said, “There remains a significant funding gap in India for early-stage technology businesses. Our renewed commitment to pi Ventures’ second fund addresses this gap and the start-ups it will back will have disproportionate impact potential.”
The fund is backed by Nippon India Digital Innovation AIF (NIDIA), Accel and entrepreneurs and family offices such as Binny Bansal, Varun Alagh, Samit Shetty, Rajesh Ranavat, Vikram Kailas, Anupam Mittal, Hemendra Kothari, Hitesh Oberoi, Ullas Kamath, Deep Kalra, senior leaders from IBM, Facebook and Google among others.