Ideaspring Capital will mainly focus on areas such as Machine Learning, Big Data, IoT, AR, VR, medtech and fintech
A group of eminent investors and entrepreneurs in India have come together to launch an early-stage startup fund worth INR 125 crore (US$19 million).
Christened Ideaspring Capital, the fund will mainly focus on areas such as Machine Learning & Deep Learning, Computer Vision & Image Processing, Big Data, Internet of Things, Augmented & Virtual Reality, medtech and fintech.
The VC fund — backed by Naganand Doraswamy, former Infosys CFO Mohandas Pai, Arihant and Amit Patni, Prashant Deshpande, and Rajiv Mody — will invest up to INR 3 crore (US$500,000) in seed funding in four-six startups a year. It may also participate in the subsequent Series A funding of the startups with up to INR 5 crore (US$800,000) each.
The fund will also runs a ‘Startup Assist’ programme, which will help startups to build scale in product management, customer management, and building products for a global footprint. The programme will provide key interventions in aspects that include business market fit, product management, customer connects, and connect to next level of investors.
Ideaspring has raised majority of its investment from Indian investors, with Aarin Capital as the anchor investor.
“We see immense growth potential for enterprise product innovation from India and are confident that India’s next wave of innovation will come from this space. Ideaspring Capital is a coming together of entrepreneurs and investors with rich experience to partner with entrepreneurs who are re-imagining technology to enable a better world,” said Naganand Doraswamy, Managing Director and CEO of Ideaspring Capital.
Startups across sectors are attracting early and growth capital. In 2015 alone, the total amount of investment in the startup ecosystem stood at US$5.4 billion, according to data from VCCEdge, a financial research platform of VCCircle Network, which highlights the dependence on foreign capital for Indian startups.
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