IIT Madras deep-tech fund reaches ₹450 crore first close
IIT Madras, its Research Park and Unicorn India Ventures have raised ₹450 crore in the first close of a planned ₹1,000 crore fund for engineering-heavy, intellectual-property-led startups. The fund has already backed four companies and aims to build a portfolio of about 25 firms.
A deep-tech investment fund backed by IIT Madras, IIT Madras Research Park and venture capital firm Unicorn India Ventures has reached a first close of ₹450 crore. The planned Unicorn Frontier Fund has a target size of ₹1,000 crore. The first close, achieved within three months of receiving approval from India’s Securities and Exchange Board, was backed by IIT Madras alumni, family offices, institutions, corporates and banks.
The final close is expected by December 2026, according to an IIT Madras Research Park spokesperson. The fund has already invested in about four startups. They include Chennai-based Hathor, which is developing semi-cryogenic and cryogenic rocket engines for small and medium satellite launch vehicles, and Carbelim, which is working on nature-based decarbonisation technology for air quality.
The other named investments are Quanstra, a developer of single-photon detection systems and quantum instrumentation, and Triolt Energy, which is developing lithium and lithium-based energy-storage solutions. The fund will target intellectual-property-led and engineering-intensive companies, with most investments expected to be in early-stage businesses at Technology Readiness Levels 3 to 4. It aims to support about 25 startups, with average investments of ₹15 crore to ₹25 crore each.
Its focus areas are defence, space, semiconductors, manufacturing technology, robotics and automation, artificial-intelligence infrastructure and health technology. IIT Madras director V. Kamakoti said the fund was intended to help startups progress beyond early development challenges.
Research Park and incubation officials said the fund would also seek to strengthen India’s capabilities in critical technologies and address the shortage of patient capital available to deep-tech companies.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.