The AI & Robotics Technology Park (ARTPARK), promoted by the Indian Institute of Science (IISc) – Bengaluru, has announced the launch of a $100 million venture fund.
ARTPARK has applied to the Securities and Exchange Board of India (SEBI) for permission to launch the fund.
Umakant Soni, CEO of ARTPARK, told ET in an interview that the venture fund is expected to be launched formally by the end of this month, pending SEBI approval, and that fund deployment will likely begin in May or June.
“We have some soft commitments from investors not only in India but also from abroad to invest in the fund,” Soni said.
Soni said the venture fund size of investments will be in the range of $1 million to $3 million and the time horizon for investment would be 10-12 years.
“The fund is primarily looking to invest in start-ups based on AI and Machine Learning, which are into healthcare, education and mobility.
ARTPARK is already working with AI and robotics startups such as XraySetu – an AI-driven X-ray screening and interpretation platform for doctors; Avtaar Robotics -a virtual healthcare services platform, Bhasha Setu – a language processing startup, Akashmarg – that builds autonomous drones and Project Eklavya- remote learning school.
ARTPARK was launched on Monday at IISc campus in Bengaluru. The not-for-profit company, promoted by IISc and supported by AI-foundry, is seed-funded by Department of Science and Technology (DST) and Karnataka government to the tune of 230 crore ($32 million) to help translate cutting edge research into solutions that can impact society.