Riceberg Ventures Launches $20M Deeptech Fund to Fuel Global Innovation
Riceberg Ventures, an early-stage venture capital firm, has unveiled a $20 million fund (approximately INR 173.4 crore) aimed at fueling the growth of deep tech startups globally. The firm plans to support 25-30 startups, offering average investments of $500,000 to each, with a clear focus on transformative technologies that have the potential to redefine industries.
The VC firm, co-founded in 2023 by Ankit Anand, Mredul Sarda, Shubham Raj, and Lino Gandola, targets promising ventures in Europe, the US, and India. Its investment portfolio spans diverse and groundbreaking categories, including space tech, MedTech, cybersecurity, artificial intelligence, robotics, novel energy, semiconductors, and quantum computing. By focusing on these niche domains, Riceberg seeks to address the critical funding gap faced by deep tech entrepreneurs at the early stages of their journey.
Among the startups supported by Riceberg Ventures are emerging innovators like Manastu Space, Signatur Biosciences, EtherealX, Keyron Medical, and Arch0, each of which exemplifies cutting-edge advancements in their respective fields. These partnerships underscore Riceberg’s commitment to nurturing groundbreaking ideas and fostering technological progress.
Riceberg Ventures Announces New Fund
Speaking about the motivation behind the fund, Ankit Anand, one of Riceberg’s founding partners, highlighted the enduring importance of deep tech. “Deeptech has consistently driven industry-defining innovations,” Anand stated. “While the term has become a buzzword today, our journey in this space began before it gained mainstream attention.” The firm’s mission is not only to provide capital but also to offer hands-on support to startups, enabling them to scale effectively and deliver disruptive solutions.
The launch of this fund coincides with a growing wave of government initiatives aimed at bolstering India’s deep tech ecosystem. Recent policies include the establishment of an INR 10,000 crore startup fund of funds and the National Research Foundation, a significant initiative with an outlay of INR 50,000 crore, designed to promote scientific research and innovation. These measures have created a fertile environment for deep tech startups to thrive.
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Riceberg Ventures is also actively engaged in fostering innovation within the space tech domain. In collaboration with E2MC Ventures, it operates KickSky, India’s first dedicated spacetech accelerator. The accelerator, which has already supported a successful inaugural cohort, is preparing to launch its second batch of startups in January 2025, further solidifying Riceberg’s role as a pioneer in this high-potential sector.
This announcement adds to the growing list of funding initiatives within the Indian startup ecosystem. October 2024 saw fintech unicorn Zerodha launch FLOSS/fund, aimed at supporting open-source projects globally with an annual commitment of $1 million. Meanwhile, Capital A introduced its second fund in September 2024, targeting INR 400 crore for investments in manufacturing, deep tech, climate tech, and fintech startups. Earlier in May, 360 ONE Asset unveiled a massive INR 4,000 crore secondary fund to back late-stage startups. Riceberg Ventures’ new fund stands as a testament to the rising confidence in the deep tech space, which continues to attract significant attention from investors and policymakers alike.