Bengaluru-based venture capital agency Shastra VC has launched its third fund with a corpus of $100 million (about Rs 963 crore) to put money into early-stage startups working in deeptech, AI and local weather tech.

The agency plans to take a position between $500,000 and $3 million in mental property-led startups, with the fund specializing in sectors together with area and defence expertise, AI and renewable applied sciences. It is going to assist corporations from seed stage via Sequence A and later rounds.

Shastra VC, beforehand often called Veda VC, is led by Vasant Rao, Avijeet Alagathi and Ashis Nayak. The agency has invested in startups throughout area techniques, semiconductors, superior manufacturing, AI and biotechnology.

Shastra VC has deployed greater than $50 million throughout its first two funds. Its web site lists belongings below administration at greater than $60 million.

It has invested in additional than 30 startups and helped them elevate greater than $80 million in follow-on funding. Its portfolio consists of Alt Carbon, Simplismart, Sisir Radar, Avammune and Sanlayan.

Rao and Nayak beforehand co-founded Autoninja, which was acquired by ICICI Lombard. Alagathi co-founded BYG, which was concerned in a disputed acquisition association with Curefit that was later settled out of courtroom.

Shastra VC mentioned its advisory community consists of former Tech Mahindra CEO CP Gurnani and former Kotak Mahindra Financial institution government C Jayaram, alongside specialists in biotech, semiconductors, local weather and area expertise.

The launch comes amid rising investor curiosity in India’s deeptech sector, supported by advances in AI, semiconductors, spacetech and robotics, in addition to elevated authorities backing for research-led startups.

Earlier this week, Piper Serica launched the Bharat Tech Fund, which is focusing on Rs 600 crore with a further Rs 200 crore greenshoe possibility, to again startups in semiconductors, AI, spacetech, defence expertise and biosciences.