pi Ventures, an Artificial Intelligence (AI) and IoT-focused early stage venture fund has closed $13 million in funding from prominent investors like Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikchandani and Bhupen Shah among others. Note that the $13m fund is the first tranche of a total $30 million fund, which the company claims to close within a year. The venture firm was co-founded by Manish Singhal and Umakant Soni, and will look to in early stage start-ups that focus on solving problems in healthcare, logistics, retail, fin-tech and enterprise sectors using AI, Machines Learning, and IoT. The Bangalore-based VC firm said that it plans to invest in 18-20 start-ups over a 3-4 year time frame. As of now, pi Ventures has made three investments in the healthcare & energy space: -It invested an undisclosed amount into SigTuple, a medical diagnostic startup that performs diagnosis using analytics and patient history. -pi Ventures also invested around $1.18 million in IoT startup Zenatix that looks at conserving energy/electricity using predictive insights and machine learning. -Ten3T, a startup that makes wearable medical devices for real-time health monitoring had raised an undisclosed amount of funding from pi Ventures in December. Recent startup funds: -In January, VC firm Saama Capital raised $57 million in funding as a final close of its third venture capital fund -In December Jungle Ventures announced the final close of its second fund at $100 million, while Accel Partners raised $450 million for its 5th India fund. Apart from this, last year, multiple firms launched funds…
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