IDG Ventures India (IDGVI), in partnership with Axilor Ventures, has launched a Frontier Tech Innovators Program, to invest and partner with new-age disruptive start-ups which specialize in frontier tech like virtual and augmented reality. Frontier technologies are deep technologies which have not yet gained mass-market commercial adoption. These include virtual and augmented reality, space, drones, robotics, artificial intelligence, autonomous vehicle technologies, Bitcoin and Block-chain.
Axilor Ventures, which counts Senapathy “Kris” Gopalakrishnan and SD Shibulal of Infosys among its founders, and IDGVI look to take in around 20 start-ups, preferably less than three years old and looking to raise seed or pre series-A round of funding. Applications for the programme open on March 6 and close on March 24.
“Worldwide, there has been a big trend towards frontier tech for a variety of reasons. Last year was a huge year, globally, for this space.Almost $5 bn was invested in venture capital in frontier tech outside India. In India also, there have been a lot of green shoots,” said Sanat Rao, Venture Partner, IDG Ventures India.
Apart from the money, the selected start-ups can also directly pitch to the IDG Ventures investment committee and get access to start-ups that are part of the global IDG Ventures portfolio.
“For example, IDG Ventures US has invested in Coin-base, which is the top Bitcoin company in the world… these startups get immediate access to those companies as well,” said Rao.
“We are excited by the ambition of Indian entrepreneurs to build deep-tech solutions using frontier technologies to solve large problems in India and the world.Through this programme, Axilor will continue to support and mentor path-breaking entrepreneurs,” said Kris Gopalakrishnan, chairman, Axilor Ventures, whose programmes include an accelerator, scale-up and early-stage funding.
Source: THE TIMES OF INDIA