ARTPARK, a nonprofit that backs technology-driven solutions for social problems, is set to launch a $100 million venture capital fund for Indian start-ups in the robotics and artificial intelligence sector.
It will be the biggest venture fund supporting the country’s AI and robotics sector, where funding is still at a nascent stage.
Bengaluru-based ARTPARK(AI and Robotics Technology Park) works closely with universities and researchers to develop cutting-edge technology solutions to real-world problems specific to India. It aims to help talented people and researchers set up companies and develop products.
The soon-to-be-launched VC fund will focus on companies and start-ups that have a risk appetite. ARTPARK was incubated at the Indian Institute of Science, Bengaluru, last year, and set up with support from AI Foundry, also a section 8 company, in a public-private partnership with $32 million seed grant from the department of science and technology and the Karnataka government.
The organisation plans to seed and support unique companies in the AI and robotics space that can make visible societal impact in healthcare, education, infrastructure, agriculture and such select areas.
ARTPARK’s CEO, Umakant Soni is also founding partner at pi Ventures, one of India’s first focused deep-tech funds that had a fund corpus of $30 million.
