IIT-Madras announces initial funding from its Deep-Tech Venture Capital Fund

Chennai, Sep 26 (UNI) The IIT-Madras on Saturday announced the 'first close' (Initial funding round) of its deep-tech venture capital fund, marking a significant milestone in its efforts to strengthen India's deep-tech innovation and entrepreneurship ecosystem. The fund will address a critical gap in India's deep-tech ecosystem, the availability of capital that is patient enough to support technology development led by domain expertise, technical mentorship and access to institutional networks. The 'IIT Madras Unicorn Frontier Fund I', launched by the IIT Madras Research Park and Unicorn India Ventures, targets raising Rs.600-1,000 crore to provide patient capital to deep-tech startups emerging…