What is your investment thesis?

We invest primarily at the pre-seed and seed stages. Our focus is on research-heavy companies where breakthrough science eventually translates into industry-relevant products. We are particularly bullish on Indian-origin founders globally, because they combine strong technical capabilities with an execution-oriented mindset. We look for founders solving difficult research problems with a clear path to commercialisation.

A good example is EtherealX, which is building reusable rockets. The idea is to identify strong technical teams early in their research journey and support them as they transform research into scalable businesses. We believe some of the most valuable companies of the future will emerge from deep scientific innovation rather than incremental improvements.

What are your typical cheque sizes?

As an early-stage investment, the cheques are between $100,000 and $500,000 per startup. Through our first fund we plan to build a portfolio of 20-25 companies.

Which deep-tech sectors are you excited about?

Space-tech remains a key area of interest. We are also optimistic about biotech, nuclear energy and what we call physical AI — the intersection of robotics, automation and artificial intelligence. We see enormous opportunities in applying AI and robotics to solve large-scale challenges in sectors such as healthcare, manufacturing and education.

Deep-tech often entails patient capital. How do you view exits?

Deep-tech requires a longer investment horizon than traditional venture investing. Fund cycles are typically 10-12 years because the first few years are spent on research, product development and in achieving product-market fit. We usually look at exit timelines of five years or more, but are willing to double down on our strongest portfolio companies when we see the potential for outsized outcomes.

How do you assess India’s deep-tech ecosystem today?

It’s still early in India’s deep-tech journey, but the ecosystem is moving in the right direction. We are seeing investor interest and larger pools of capital. While growth-stage funding still relies significantly on international investors, the momentum is building.

Just as the US moved from internet-led consumer companies to deep-tech innovation, India is beginning a similar transition.

Government support, policy initiatives and private capital are all improving, although the pace must accelerate to compete with countries such as China.