Non-profit organisation Artpark is in the process of setting up a $100-million fund to nurture deep technology start-ups in India and help them in becoming part of the global ecosystem, a senior company official said.
The organisation, established by Indian Institute of Science (IISc), expects the fund to be operational within three months.
"We are in the process of registering a $100-million fund with Sebi (Securities and Exchange Board of India). It will basically support start-ups with long-term investments. It will become operational in another two to two-and-a-half months," AI and Robotics Technologies Park (Artpark) CEO Umakant Soni told PTI.
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Artpark has received $22 million seed fund from the Department of Science and Technology (DST).
It has started an Artpark innovation programme under which it selects four sets of start-ups based on their grooming needs and aims to help them scale up globally.
Soni said that in any country, public buying forms 20-22 per cent of GDP, and Artpark is trying to bridge the gap in the public buying ecosystem to enhance acceptance and development of deep tech companies in India.
"Pentagon gave a $10-billion cloud computing order. First, it is a huge order and then what it does practically ensures that standards get formed around that product.
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"Through the boost programme, we are slowly allowing start-ups to access the system built by the government and also work on joint go to market with the government to improve innovation buying," he said.
Artpark co-founder and CIO Subhashis Banerjee said that when new technology becomes commercially available after 10-30 years, it becomes difficult to work on them and develop them indigenously.
"Then we import it from developed countries. Standard venture capitalist industry in India has a maximum 6-8 years view.
"If we do not have representation in emerging technologies then we will struggle as a nation. We are growing companies which are strategically important and don't have a significant existence today," Banerjee said.
Soni said that if there is 20-22 per cent of innovation buying, then India will become a powerful innovator for any kind of start-up whether it is drones, robotics or cutting-edge technology in healthcare.
