DBT Bureau
Bengaluru, 14 January 2025
Early-stage venture capital firm, Riceberg Ventures has announced the launch of a $20 million fund to support deeptech startups including spacetech.
Backed by a consortium of Limited Partners (LPs), the fund aims to address the funding gap in this sector by providing early-stage capital to these startups. Apart from follow-on fundraising for its portfolio companies, it provides hands-on support for achieving product-market fit (PMF) through its global network of deeptech business and technical leaders, the company said in a release.
The fund is designed to invest in 25-30 startups, across the globe, with an average cheque size of half a million dollar. Capital will be invested in high-growth sectors such as spacetech, medtech/lifesciences, cybersecurity, AI, robotics, novel energy, semiconductors, and quantum computing.
“DeepTech has always been at the forefront of industry-defining innovations. While it’s a buzzword today, we began our journey before it gained mainstream recognition,” said Ankit Anand, Founding Partner of Riceberg Ventures, a physicist and DeepTech entrepreneur.
“True venture success comes from investing in disruptive solutions that create entirely new markets or redefine existing ones. This fund is our commitment to supporting DeepTech entrepreneurs tackling complex global challenges,” he added.
Founded by Ankit Anand, Mredul Sarda, Shubham Raj, and Lino Gandola in 2023, Riceberg Ventures has currently invested in startups such as Manastu Space, Signatur Biosciences, EtherealX, Keyron Medical, and Arch0.
India’s deeptech ecosystem has seen growing support from the central gvernment, with initiatives such as the Rs 10,000 crore ($1.1 billion) Startup Fund of Funds and the Rs. 50,000 crore ($5.8 billion) National Research Foundation.
These programmes are designed to bolster research and innovation, creating an environment conducive to DeepTech startups. However, DeepTech startups face significant challenges in getting funding from investors because of their exceptionally long R&D cycles and incubation period.
Riceberg Ventures aims to act as a catalyst for Indian deeptech startups, helping them develop advanced technology-driven solutions.
