IISc Bengaluru-backed AI and Robotics and Technology Park is seeking approval from the Indian regulator to raise a $100m venture fund.
AI and Robotics Technology Park (Artpark), an India-based non-profit foundation founded by Indian Institute of Science Bengaluru, has unveiled plans to launch a $100m venture fund, according to the Economic Times.
Artpark is seeking approval from local regulator, the Securities Exchange Board of India and it expects to formally launch the fund by the end of this month. It hopes to begin investing by May or June.
It will look to write cheques sized at $1m to $3m and will have an investment horizon of 10 to 12 years.
Umakant Soni, chief executive of Artpark, told the newspaper: “We have already started shortlisting companies working on connectivity, healthcare and education. We have some soft commitments, from not only investors within India, but from overseas as well to invest in the fund.”
Founded in 2020, Artpark aims to foster collaboration between academia, industry and government in the spaces of artificial intelligence and robotics. It is financed by the Department of Science and Technology and the Karnataka state government.
It also runs an innovation lab, inaugurated this week, for researchers and startups looking to build commercial products. The lab is set to focus on 5G and drone-enabled connectivity, local healthcare services and inclusive learning.
