pi Ventures, which focuses on AI, IoT, makes final fund close at Rs 2.25 bn

pi Ventures, an Applied Artificial Intelligence, Machine Learning & Internet of Things-focused early-stage venture fund, has announced the final closure of its first fund at Rs 2.25 billion, exceeding the initial target of Rs 1.95 billion. CDC Group UK invested Rs 400 million in pi Ventures recently.

The other key contributors to the fund, which claims to be first of its kind in this space, include Chairman of Hero Enterprise Sunil Kant Munjal, International Finance Corporation (IFC), Electronic Development Fund (managed by Canbank Ventures), Sidbi, prominent family offices from USA, Canada, Singapore and India and leading entrepreneurs like Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikhchandani and Bhupen Shah, among others.

The fund is co-sponsored by In Color Capital of Canada and has received 60 per cent of its corpus from institutional investors and majority from Indian limited partnerships (LPs).