News Update

IISc-backed ARTPARK to launch $100 million venture fund

• ByStartupStory     |    March 15, 2022

Indian Institute of Science (IISc),  Bengaluru promoted AI & Robotics Technology Park (ARTPARK) which said that it is in the process of launching a $100 million venture fund. Approval from the Securities Exchange Board of India (SEBI) has been sought by ARTPARK so as to launch the fund.

Umakant Soni, the CEO of ARTPARK, said in an interview that by the end of this month, the venture fund is expected to be launched formally based on SEBI approval, and probably by May or June the deployment of funds will begin. 

Soni said in a statement that they have some commitments from overseas as well to invest in the fund, including the investors in India too. He further added that about $1 million to $3 million will be the range for  the venture fund size of investments and 10-12 years would be the time horizon for investment.

In start-ups based on AI and Machine Learning, which are into healthcare, education and mobility are primarily looked forward to investing the funds in. 

ARTPARK is already working with AI and robotics startups such as an AI-driven X-ray screening and interpretation platform for doctors, XraySetu; Avtaar Robotics,  a virtual healthcare services platform, Bhasha Setu a language processing startup, Akashmarg – that builds autonomous drones and a remote learning school, Project Eklavya.

On Monday, ARTPARK was launched at IISc campus in Bengaluru. The IISc promoted  not-for-profit company and supported by AI-foundry, is seed-funded by the Department of Science and Technology (DST). To the tune of 230 crore ($32 million) the Karnataka government to help into solutions that can impact society by translating cutting edge research.

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