The Society for Innovation and Entrepreneurship, an incubator for IIT Bombay, formed the fund to fill a gap in investment for early-stage deep tech.
An incubator affiliated with the Indian Institute of Technology Bombay (IIT Bombay) has launched a ₹250-crore ($28m) fund to invest in startups spun out of the Indian university.
The Y-Point Venture Capital Fund, established by the Society for Innovation and Entrepreneurship, will provide capital to early-stage deep tech startups from IIT Bombay and other Indian universities and research centres.
It aims to fill a funding gap in India between lab-stage inventions and commercial ventures for deep tech startups.
The fund’s investments will focus on AI and advanced computing, advanced manufacturing, next generation materials, biotechnology, climate and clean tech, and space and defence. It will invest in pre-seed to early series A.
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IIT Bombay’s incubator has supported more than 250 technology ventures over the past two decades including ideaForge, Sedemac, Atomberg and ImmunoACT.
Earlier this year, the Indian Institute of Technology Madras launched a ₹200-crore fund to invest in spinouts from the university.
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See our list of more than 200 university-affiliated investment funds across the world.
