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pi Ventures Raises $3 million Funding from International Finance Corporation

by Chinmay Bidkar
May 25, 2017
in News
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pi ventures raise funding

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25 May 2017, India:

International Finance Corporation (IFC), a part of the World Bank Group, is investing $3 million in pi Ventures’ maiden fund, India’s first Applied Artificial Intelligence, Machine Learning and Internet of Things (IoT) focused early stage venture fund.

The fresh funds will be utilized for investing in companies leveraging technologies such as applied artificial intelligence (AI), machine learning and IoT across a range of sectors.

“This investment is aligned with IFC’s objective to act as a catalyst to spur entrepreneurial activity and support technology start-ups that drive innovation in India and globally, and solve complex problems across industries”, says Ruchira Shukla, Regional Lead, Venture Capital, South Asia, IFC.

Manish Singhal, Founding Partner, pi Ventures, says, “Getting IFC to back us in our journey is very meaningful to us. Not only do they bring a wealth of knowledge but also a worldwide network which can be very useful for our investee companies. We appreciate IFC backing disruptive product companies in the Applied AI space via pi Ventures.”

Also read- Ebix Acquires 80% stake in Mumbai-based ItzCash for Rs. 800 crore

pi Ventures was founded in mid-2016 by Manish Singhal and Umakant Soni. Both come with rich experience in setting up, building and scaling companies. pi Ventures had recently announced the first close at $13 million. It has made four investments so far in the healthcare & energy-efficiency space, namely Sigtuple, Zenatix, Ten3T and NIRAMAI. SigTuple is in the medical diagnostic space and is creating a deep learning driven, cloud-based solution for detection of abnormalities and trends in medical data, for blood diagnosis. Zenatix is a data-driven energy efficiency company that uses advanced machine learning based models and delivers upto 30% energy efficiency to large commercial consumers of electricity. Ten3T has developed a solution for continuous monitoring of medical data like ECG in real time through its own smart patches that enable mobile ICUs for smaller hospitals. NIRAMAI is a startup that’s building a revolutionary non-invasive, non-touch, non-radiation approach to detect breast cancer.

India is IFC’s top country exposure, globally. IFC’s committed portfolio in India is over $5 billion as of June 30, 2016. In FY16, IFC committed $1.1 billion in new investments in the country. In addition to strengthening local capital markets in India, IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, helping create conditions to attract increased private capital, and helping structure public-private partnerships.

Also read- Symantec Links WannaCry Ransomware Hack to North Korea

Tags: Artificial IntelligencefundingInternational Finance CorporationInternet of ThingsInvestmentManish SinghalPi VenturesRuchira ShuklaWorld Bank Group
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Chinmay Bidkar

Curious, Keen Observant & Dynamic! Chinmay finds peace in meeting people who work hard for humanity. He has new found interest in Gadgets and Techs and at Techstory he gets to write about it! Reach out at- [email protected]

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