Published on : Jan 15, 2018
Pi Ventures, an artificial intelligence (AI) and IoT-focused primary-stage venture fund has gained the second close of its $30 mn fund at $25 mn (almost Rs. 160 crore). The main investors in the latest round were Sunil Kant Munjal, the chairman of the Hero Enterprise, the corporate financing section of Hero Electronix, and the Electronic Development Fund, which is managed by Canbank Ventures, together with a number of high-net-worth contributors.
The company has already gained the support of Canada-based In Colour Capital, IFC, Sidbi, Accel Partners, Mohandas Pai, its prominent angel investor, and a number of entrepreneurs, such as Binny Bansal, Sanjeev Bikhchandani, and Deep Kalra. “Helping entrepreneurs through Pi Ventures is an exciting and interesting opportunity, as the future of technology not just only belong to mega-corporations, but it also belongs equally to the smart people working in small-scale firms and startups,” stated Munjal.
In Mach 2017, Pi Ventures collected its first close of $13 mn and since then, it has made four investments, NIRAMAI Health Analytix, Sigtuple, Zenatix, and Ten3T, in the healthcare and the energy efficiency industries. Manish Singhal the founding partner of Pi Ventures stated that the company has gained a lot of trust from the family offices. The prime highlights in this are that Hero Electronix and EDF has come in. “The Company will be making nearly 8 to10 investments in 2018 and we are looking to close our fund within the forthcoming two quarters,” he added.