ARTPARK To Set Up $100M Fund For Investments In Deep Tech Startups
ARTPARK, a Non-profit organisation established by the Indian Institute of Science, is in the process of setting up a $100 million fund to invest in deep tech startups in India.
Umakant Soni, CEO at AI and Robotics Technologies Park (ARTPARK), said,
“We are in the process of registering a $100 million fund with SEBI (Securities and Exchange Board of India). It will basically support startups with long-term investments. It will become operational in another two to two-and-a-half months.”
AI and Robotics Technologies Park (ARTPARK) has received a $22 million seed fund from the Department of Science and Technology (DST) and started an ARTPARK innovation programme. Under the programme, ARTPARK selects four sets of startups and helps them scale up globally.
Subhashis Banerjee, ARTPARK Co-founder and CIO, said that when new technology becomes commercially available after 10-30 years, it becomes difficult to work on them and develop them indigenously.
“If we do not have representation in emerging technologies, then we will struggle as a nation.”
As per a senior company official, the fund aims to help Indian deep tech startups in becoming part of the global ecosystem.
As per Umakant Soni, public buying forms 20-22% of GDP in any country. ARTPARK, through its initiatives, is trying to bridge the gap in the public buying ecosystem to enhance the acceptance and development of deep tech companies in India.
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