ARTPARK, a non-profit organization that supports technological solutions to social problems, is set to launch a $ 100 million venture capital fund for Indian companies. startups in robotics and the artificial intelligence sector.
It will be the largest venture capital fund supporting AI and the robotics sector, funding for which is still in its infancy.
In Bangalore ARTPARK (Artificial Intelligence and Robotics Technology Park) works closely with universities and researchers to develop advanced technological solutions to real-world problems specific to India… Its goal is to help talented people and researchers create companies and develop products.
“We have a university ecosystem where world-class talent is born. Connecting them to an organization like ARTPARK will help them work on their ideas, leverage our resources and scale up solutions, ”said Umakant Soni, CEO of ARTPARK. “We are launching this $ 100 million fund to help these companies.”
He said the fund has the potential to fill an existing funding gap for deep technology companies. “Venture capital funds in India expect companies to show value in terms of earnings. But in reality, revenue is just a lagging, not a leading indicator, ”he said.
The soon-to-launch venture fund will target companies and startups that are risk averse. “ARTPARK is a place where people come to take risks. The institution will provide an ecosystem, talent and funding where innovative minds can take bold risks and develop technology solutions in strategic areas, ”said Soni.
ARTPARK was incubated in Indian Institute of Science, Bangalore, last year, and was created with the support of AI Foundry, also in the eighth group of companies, through a public-private partnership with a $ 32 million seed grant from the Ministry of Science and Technology and the Karnataka State Government.
The organization plans to create and support unique companies in the field of artificial intelligence and robotics, which can have a significant impact on society in health, education, infrastructure, agriculture and other areas.
The Technological Innovation Park is modeled on the Stanford Research Institute (SRI) in the United States, which pioneered the creation of Silicon Valley. “We want to harness technology and create a sustainable ecosystem that can deliver remarkable results over the next 10 years,” said Sony.
According to him, the venture fund corresponds to the ARTPARK economic model, according to which the organization will become autonomous in five years after the termination of state funding. “The organization will also own stakes in companies like SRI,” he said.
Sony is also a founding partner of pi Ventures, one of India’s first deep tech funds with a combined fund of $ 30 million.
Source: premiumnewspaper.com
