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Chennai: Indian Institute of Technology Madras has announced that it would be investing ₹55 crore into four startups — Hathor, Quanstra, Triolt Energy and Carbelim — in different areas including building cryogenic rocket engines, quantum applications, high-performance lithium-ion battery cells and air purification systems. IIT-M Research Park has announced the first close of its deeptech venture capital fund at ₹450 crore. It aims to mobilise ₹1,000 crore to support deeptech startups, focusing on defence technology, space technology, semiconductors, manufacturing technology, AI infrastructure and health technology. “The ‘IIT-M Unicorn Frontier Fund-1’ brings long-term capital into the IIT-M innovation ecosystem, with an aim to build a portfolio of 25 startups.
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IIT-M director V Kamakoti said, “We have reached the record first close in three months and we are confident that we can build some of the best deeptech startups with this fund. Beyond individual startups, our ambition is to strengthen India’s tech capabilities, build self-reliance in critical sectors and position India as a source of frontier technologies for the world,” said Natarajan Malupillai, group CEO, IIT-M Research Park. Download the TOI App.
“Through the partnership with IIT-M, we aim to provide early founders with the capital and support needed to scale and build globally competitive companies from India,” said Bhaskar Majumdar, managing partner, Unicorn India Ventures. “Deeptech will be a critical driver of the country’s next phase of innovation and economic growth, with a focus on tech sovereignty,” he added.