Artpark To Provide USD 100-MN Funding For Long-Term Investments In Deep Tech Start-Ups

• ByStartupStory     |    July 9, 2021

Artpark, a Non-profit organization, is gearing up for a USD 100-million fund to strengthen deep technology start-ups in India and help them in becoming part of the global ecosystem, a senior company official said. Artpark is founded under Indian Institute of Science (IISc), expects the fund to be operational within three months. AI and Robotics Technologies Park (Artpark) CEO Umakant Soni said,“We are in the process of registering a USD 100-million fund with Sebi (Securities and Exchange Board of India). It will basically support start-ups with long-term investments. It will become operational in another two to two-and-a-half months.”

The organization has received USD 22 million seed funding from the Department of Science and Technology (DST). Moreover, It has started an Artpark innovation program under which it selects four sets of start-ups based on their grooming needs and aims to help them scale up globally. Soni said that in any country, public buying forms 20-22 percent of GDP, and Artpark is trying to bridge the gap in the public buying ecosystem to enhance acceptance and development of deep tech companies in India. The Pentagon gave a USD 10-billion cloud computing order. First, it is a huge order and then what it does practically ensures that standards get formed around that product. He further added, through the boost program, we are slowly allowing start-ups to access the system built by the government and also work on a joint go-to market with the government to improve innovation buying.’

Artpark co-founder and CIO Subhashis Banerjee said that when new technology becomes commercially available after 10-30 years, it becomes difficult to work on them and develop them indigenously. Then we import it from developed countries. Standard venture capitalist industry in India has a maximum 6-8 years view. If we do not have representation in emerging technologies then we will struggle as a nation. We are growing companies which are strategically important and don’t have a significant existence today.’ 

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