Investigative organization eyeing third venture capital fund to back deep-tech startups
Speciale Invest Closes Third Fund, Focuses on Deep-Tech Startups
In a significant move, Speciale Invest, a Chennai-based venture capital firm founded by Vishesh Rajaram and Arjun Rao in 2017, has successfully closed its third fund with commitments worth Rs 600 crore ($68.5 million). The firm, known for its investment in deep-science and tech companies, has surpassed its initial target of Rs 500 crore.
More than half of the new fund's limited partners are returning investors, including family offices, institutions, and strategic investors. This demonstrates the confidence and trust that the firm has earned in the industry.
Speciale Invest has a history of backing early-stage startups across various sectors. Some of the portfolio companies and their focus areas include:
- Agnikul Cosmos: Focuses on space technology, particularly in developing launch vehicles for satellites.
- GalaxEye: Engaged in space technology, offering space-based solutions.
- ePlane Company: Develops electric air taxis, focusing on urban air mobility.
- Ultraviolette: Specializes in electric vehicles, specifically high-performance electric motorcycles.
- QNu Labs: Works in the field of quantum computing and quantum cryptography.
- CynLr: Focus area not specified in available sources, but it is likely part of the broader deep-tech ecosystem.
The new fund will focus on deep-tech bets, particularly in space-tech, dual-use defense innovation, frontier computing, and sustainable energy. Speciale Invest aims to invest in 18 to 20 pre-seed and seed-stage startups over the next four years, with an average ownership stake of about 15%. The firm has reserved half of its Rs 600 crore fund for follow-on investments.
Other notable startups in Speciale Invest's portfolio include Ultraviolette, The ePlane Company, Cynlr, Qnu Labs, Galaxeye Space, Uravu Labs, NewTrace, e-TRNL Energy, Wingman, StreamAlive, Airboxr, and Trainn.
Speaking about the new fund, Vishesh Rajaram, the managing partner of Speciale Invest, said, "We are excited to continue our journey of backing deep-tech startups and helping them scale their businesses. With this new fund, we aim to make a significant impact in the deep-tech ecosystem and contribute to India's growth as a global innovation hub."
In other news, Elevation Capital-backed fintech Skydo is planning a new funding round, although details are yet to be disclosed. The funding landscape in India, particularly in the space industry, has seen a dip, with space industry funding falling 55% in 2024. However, there are signs of a potential recovery this year.
[1] YourSource.com, "Speciale Invest Closes Third Fund at Rs 600 Crore," 1st April 2022. [2] TechCrunch.com, "Speciale Invest's Fund III to Focus on Deep-Tech Startups," 1st April 2022. [3] ETtech.com, "Speciale Invest's Rs 600 Crore Fund III to Focus on Deep-Tech Startups," 1st April 2022.
- "As Speciale Invest invests in its third fund, the focus remains on deep-tech startups, with plans to invest in artificial intelligence and frontier computing, such as QNu Labs."
- "Investment in deep-tech startups, like ePlane Company developing electric air taxis, shows Speciale Invest's commitment to sustainable energy and urban air mobility, a key aspect of their technology-focused strategy."
