India, Sept. 26 -- Indian Institute of Technology Madras (IIT-M) has announced the 'first close' (Initial funding round) of its deep-tech venture capital fund. This marks a significant milestone in the Institute's 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 IIT Madras Research Park and Unicorn India Ventures, targets raising Rs 600-1,000 crore to provide patient capital to deep-tech startups emerging from and su...