Riceberg Ventures Launches $20 Mn Fund for Deeptech, Healthtech, & Other Startups

The fund will focus on sectors including healthtech, spacetech, AI, cybersecurity, and novel energy, with plans to support 25-30 Indian startups through investments averaging $500,000 each.

Global early-stage venture capital firm Riceberg Ventures has launched a $20 million fund aimed at investing in deeptech startups. The fund will focus on sectors including healthtech, spacetech, AI, cybersecurity, and novel energy, with plans to support 25-30 Indian startups through investments averaging $500,000 each.

“We invest in deep tech startups developing foundational technologies that require extensive R&D to solve complex global challenges. Our focus is on supporting 30-40 startups, with a strong emphasis on founders building breakthrough technologies,” Ankit Anand, Founding Partner, Riceberg Ventures.

Highlighting the potential in spacetech, Anand said, “Spacetech is going through the right triggers for innovation. The cost of space launches has reduced significantly, and Indian Space Policy 2023 delineates roles for entities like ISRO and NSIL, fostering a conducive environment for private enterprises, with a Rs 1,000 crore capital commitment from the government. We have observed seasoned entrepreneurs from ISRO, and institutes like IIST/IITs bring the right combination of hunger and experience giving us a significant talent advantage as well.”

Moreover, the firm has also set aside capital for follow-on rounds from the new fund.

“Additionally, our presence globally in Europe and San Francisco not just helps with infrastructure access but also strategic growth capital from US and European growth funds which the startups will have access to. We’ve co-invested with one of the largest VC funds globally,” noted Mredul Sarda, Founding Partner at Riceberg Ventures.

India’s deeptech ecosystem has gained momentum with government initiatives such as the INR 10,000 Cr Startup Fund of Funds and the INR 50,000 Cr National Research Foundation.

However, deeptech startups often face challenges in securing funding due to long R&D cycles and incubation periods.

“The Indian diaspora has played a pivotal role in some of the world’s most significant innovations, from Google’s early development to OpenAI’s breakthroughs. Yet, many Indian founders have historically operated in the background due to systemic challenges and limited access to early-stage capital,” Anand added.

Founded in 2023 by Ankit Anand, Mredul Sarda, Shubham Raj, and Lino Gandola, Riceberg Ventures has already backed startups such as Manastu Space, Signatur Biosciences, EtherealX, Keyron Medical, and Arch0.

Stay tuned for more such updates on Digital Health News.