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pi Ventures gets top techpreneurs' backing for its $30mn AI, IoT-focused fund

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CIOL Pi Ventures gets backing of technopreneurs like Binny Bansal, Deep Kalra for its maiden fund

Early-stage venture fund pi Ventures has announced the first close of its maiden fund at $13 million as part of its maiden $30-million AI and IoT-focused fund, which is expected to close by the end of 2017.

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Among the backers, there are Small Industries Development Bank of India (SIDBI), family offices of HNIs from USA, Canada, Singapore and India, as well as some of the biggest names in Indian tech industry like Flipkart's Binny Bansal, Deep Kalra of MakeMyTrip, Hero Corporate Services' Sunil Munjal, former Infosys CFO and Aarin Capital chairman TV Mohandas Pai, Info Edge's Sanjeev Bikhchandani among others.

Co-founded by online funding platform LetsVenture founder Manish Singhal and Vimagino co-founder Umakant Soni, pi Ventures will invest exclusively in startups using artificial intelligence, machine learning and IoT.

“India is the dark horse in the AI race given it has a lot of data, brilliant data science talent & early adoption environment due to broken processes and we are happy to play a part in helping India leapfrog with AI,” said Manish Singhal, Founding Partner at Pi Ventures. “We are very excited to play a role in building a strong AI based product ecosystem in India.”

pi Ventures is looking to invest in between 18-20 startups over 3-4 years. pi Ventures has so far made three investments in the healthcare, IoT and energy-efficiency space—SigTuple, Zenatix and ten3T.

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