ARTPARK, a Bangalore-based AI and robotics foundation, has announced a $100M venture fund to invest in 10-15 growth-stage AI and robotics startups that develop products for education, mobility, and healthcare sectors. The venture fund will support the startups over the next three years.
The Securities and Exchange Board of India (SEBI) has approved the funding, and it will make its first closure this year by December. ARTPARK will invest in new as well as existing portfolio startups.
ARTPARK cofounder Umakant Soni said that the foundation understands the phase where entrepreneurs need financial backing since they are entrepreneurs and have built technologies by themselves. ARTPARK is offering startups the required risk capital, he added.
Apart from launching a venture fund, ARTPARK has plans to support nearly 52 AI and robotics startups in India over the next five years. ARTPARK aims that the funded startups gain unicorn status and turn into decacorns to hold the potential of becoming the change that can reshape the entire business ecosystem, Soni said.
The AI & Robotics Technology Park (ARTPARK) is a not-for-profit foundation founded in 2020. It is a brainchild of the Indian Institute of Science, Bengaluru, and venture studio AI Foundry to promote technological innovations in the sector.
ARTPARK aims to support AI and robotics startups fostering innovations in various fields such as healthcare, education, agriculture, infrastructure, agriculture, mobility, retail, and cybersecurity. The foundation has invested ₹75 lacs each in 19 startups in the AI and robotics space so far.