IIT-Madras deep tech fund achieves ₹450 crore first close
The ₹450-crore first close is backed by a mix of leading IIT-Madras alumni including Kris Gopalakrishnan (co-founder of Infosys and chairperson, Axilor Ventures) and prominent family offices, along with institutions, corporates and banks
The Indian Institute of Technology Madras (IIT-Madras) Research Park and venture capital firm Unicorn India Ventures have successfully closed their ₹1,000 crore deep-tech Unicorn Frontier Fund at ₹450 crore. The first close, achieved within three months of receiving SEBI approval, is backed by a diverse group of investors including IIT-Madras alumni, family offices, institutions, corporates, and banks.
The fund aims to invest in IP-led, engineering-heavy deep-tech startups, with a focus on six high-conviction areas such as Defence Technology, Space Technology, Semiconductors, Manufacturing Technology, AI Infrastructure/GenAI, and Health Tech. As of now, the fund has already funded four startups, including Hathor, Carbelim, Quanstra, and Triolt Energy.
The final close is expected by December 2026, with a target of building a portfolio of around 25 startups, with an average investment size of ₹15–25 crore per startup.
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