Global early-stage venture capital firm, Riceberg Ventures has launched $20 million fund for deeptech start-ups, including spacetech ventures. The fund, supported by a consortium of Limited Partners (LPs), aims to address the funding gaps in this sector by providing early-stage capital to these start-ups.
Besides funding, the VC firm will also provide support for achieving product-market fit (PMF) through its global network of deeptech business and technical leaders. The fund will invest in around 30 start-ups across the globe, with an average cheque size of $0.5 million each.
The capital will be invested in high-growth sectors such as spacetech, medtech/Lifesciences, cybersecurity, AI, robotics, novel energy, semiconductors, and quantum computing.
Ankit Anand, Founding Partner of Riceberg Ventures said, “True venture success comes from investing in disruptive solutions that create entirely new markets or redefine existing ones. This fund is our commitment to supporting deeptech entrepreneurs tackling complex global challenges.”
The VC, in collaboration with E2MC Ventures, operates KickSky --- India’s first dedicated SpaceTech accelerator. The program recently launched its second cohort, which is set to go live in January 2025. This cohort invites budding SpaceTech start-ups to leverage the accelerator’s 0-to-1 infrastructure.
Speaking about India’s deeptech sector, Lino Gandola, Founding Partner at Riceberg Ventures said the Indian diaspora has played a pivotal role in some of the world’s most significant innovations, from Google’s early development to OpenAI’s breakthroughs. However, he believes that many Indian founders have historically operated in the background due to systemic challenges and limited access to early-stage capital,” he added.
Hence, Riceberg Ventures aims to change the scenario by providing capital and resources to empower Indian founders and is positioned to support Indian deeptech entrepreneurs globally.
“Our mission is to empower Indian researchers and entrepreneurs to take center stage, providing those with the resources needed to build the next Google or SpaceX,” said Mredul Sarda, Founding Partner, Riceberg Ventures, IIT Bombay alumnus and former Strategy at Slice, an Indian fintech unicorn.
India’s deeptech ecosystem has seen growing support from the Union Government, with initiatives such as the Rs 10,000 crore ($1.1 billion) Start-up Fund of Funds and the Rs 50,000 crore ($5.8 billion) National Research Foundation. These programs are designed to bolster research and innovation, creating an environment conducive to deeptech startups.
Despite improvements in India's startup-friendly policies and government initiatives like Start-up India, certain regulatory hurdles continue to pose challenges for foreign investors. The Indian startup ecosystem has historically faced periods of difficulty in securing foreign funding, particularly during "funding winters."
