The Indian Institute of Science (IISc) – Bengaluru’s AI & Robotics Technology Park (ARTPARK) has announced the launch of a $100 million venture fund.
The Securities Exchange Board of India (SEBI) has given ARTPARK permission to launch the fund.
According to Umakant Soni, the CEO of ARTPARK, the venture fund will be formally launched by the end of this month, pending SEBI approval, and fund deployment will likely begin in May or June.
Soni said the venture fund size of investments will be in the range of $1 million to $3 million and the time horizon for investment would be 10-12 years.
“The fund is primarily looking to invest in start-ups based on AI and Machine Learning, which are into healthcare, education and mobility.
ARTPARK is already collaborating with AI and robotics startups such as XraySetu, a doctor-focused AI-driven X-ray screening and interpretation platform; Avtaar Robotics, a virtual healthcare services platform; Bhasha Setu, a language processing startup; Akashmarg, a drone manufacturer; and Project Eklavya, a remote learning school.
On Monday, the IISc campus in Bengaluru hosted the launch of ARTPARK. The Department of Science and Technology (DST) and the Karnataka government have seed-funded the not-for-profit company, which is promoted by IISc and supported by AI-foundry, with a total of 230 crore ($32 million) to help translate cutting-edge research into solutions that can impact society.
