World of Funds in AI, ML and IoT
Corporates, development banks, sovereign wealth funds are all investing, one way or the other, in AI, ML and IoT. Funds, the world over, pour into these technologies.
International Finance Corporation (IFC), investment arm of the World Bank, is going to invest $3 million in pi Ventures' maiden fund. pi Ventures focuses on early-stage investments in startups in the area of applied AI, machine learning (ML) and IoT.
IFC's investment is through its IFC Startup Catalyst program that builds local ecosystems by investing in sustainable seed stage funding mechanisms, including accelerators and seed funds, to support early-stage entrepreneurship globally. IFC has both a direct investment practice and is also an LP to local PE and VC funds. IFC's venture capital investments in India include BigBasket, Portea and BlackBuck.
pi Ventures has also raised $13 million from SIDBI and major entrepreneurs in India.
SJP @DigitalAsian - ShareYaar - IdeaIndia.Com