IIT Bombay's SINE launches India's academic-linked deeptech VC fund
Backed by SEBI approval, the Rs 250 crore fund will target AI, advanced manufacturing, space, defence, cleantech, and other high-impact research sectors.
IIT Bombay’s Society for Innovation and Entrepreneurship (SINE) launched India’s first incubator-linked deep tech venture capital fund on Tuesday, December 9. The Rs 250 crore fund, called Y-Point Venture Capital Fund, aims to support early-stage deep tech startups emerging from IIT Bombay and other premier academic and research institutions.
Y-Point VC will support startups in the pre-seed to seed stages. The fund will target companies working on products rooted in fundamental research in areas that include AI and advanced computing, advanced manufacturing, next-gen materials, life sciences and healthcare, climate and cleantech, space and defence, among others.
"Backed by SINE, the technology incubator of IIT Bombay, Y-Point VC Fund lies at the intersection of translational research and real-world impact. It actively leverages the academic innovation ecosystem of IIT Bombay and other leading premier technology institutes & research centres in the country, to build the next generation of global deep tech ventures from India," the Y-Point VC Fund website reads.
The SINE ecosystem includes the likes of atomberg, ideaForge, gupshup, Bellatrix Aerospace, and Whiterabbit.ai, among others.
Y-Point VC Fund will invest in 25 to 30 startups, with a maximum ticket size of Rs 15 crore. While it will focus on startups originating from IIT Bombay, it will also support ventures from other top institutes.
“The fund will serve as a catalyst for building globally competitive ventures by leveraging world-class talent, academic knowledge, and cutting-edge research,” said K Radhakrishnan, Chairperson of IIT Bombay’s Board of Governors.
The Y-Point VC Fund has received Securities and Exchange Board of India (SEBI) approval and is registered as a Category II Alternative Investment Fund (AIF).
SINE has long supported early-stage startups with infrastructure, mentorship, capital access and visibility. The new fund will extend that support. “Our fund will be the first institute-linked investment manager to back such promising ventures,” said Shireesh Kedare, Director at IIT Bombay.
(With inputs from PTI)
Edited by Jyoti Narayan