On Monday, Pi Ventures, an Artificial Intelligence (AI) and IoT-focused early stage venture fund based in India, announced that it had closed $25 million in funding, its second round of funding. This is after it closed its frist funding of $13 million in March 2017.
This latest round of funding came from Hero Enterprise’s chairman Sunil Kant Munjal, Electronic Development Fund (managed by Canbank Ventures), Hero Electronixs, and a few HNIs and entrepreneurs including existing investors.
Co-founded by Manish Singhal and Umakant Soni, pi Ventures invests in early-stage startups that focus on solving problems in healthcare, logistics, retail, fintech, and enterprise sectors using applied AI, ML and IoT. The Bengaluru-based VC plans to invest in 18-20 startups from this fund over a three-to-four year time frame.
So far Pi Ventures has made four investments in the healthcare and energy-efficiency space namely:
- Sigtuple – in the medical diagnostic space, and is creating a deep learning-driven, cloud-based solution for detection of abnormalities and trends in medical data for blood diagnosis.
- NIRAMAI Health Analytix – a health-tech startup that is building a non-invasive, non-touch, non-radiation approach to detect breast cancer much earlier than traditional methods, or self-examination.
- Ten3T – builds wearable medical devices that collect and integrate medical-grade data in real time like an ECG through its own smart patches to enable mobile ICU for smaller hospitals.
- Zenatix – a data-driven energy efficiency company that uses advanced machine learning-based models, and claims to deliver up to 30 percent energy efficiency to large commercial users of electricity along with predictive insights to prevent downtime.Both Founding Partners Manish and Umakant come with prior experience in setting up, building and scaling companies. Manish has been the Co-founder and CEO at LetsVenture, and a prominent angel investor in the past. He has rich product experience, having worked with Sling Media, Ittiam Systems, Motorola and with writing a part of MPEG 4 standards, the dominant video standard even today.
Umakant was Director India, Science Inc, and Co-founder of one of the first AI BOT companies out of India, called Vimagino. Abishek Surendran is the third partner in the fund. He carries multiple years of experience in venture investing in India. The team is supported by Shamik Sharma, ex-Chief Product and Technology Officer, Myntra, who works as a venture partner in the fund.