Bengaluru-based pi Ventures has finished raising funds for its first fund aimed at technology-based startups in various sectors.

The fund, which is now worth Rs 225 crores at the end of the fundraising, will be used by pi Ventures to fund approximately 18 – 20 startups. The company has made six investments already. The investments will be focused on artificial intelligence startups as well as those based in IoT.

“India’s artificial intelligence eco-system is at an interesting intersection of data, talent and market need,” pi Ventures co-founder Manish Singhal said in a statement, as reported by Livemint. “We are very excited to have an opportunity to back startups which are creating global solutions from India.”

The company’s Rs 225 crore fund, which includes partial sponsorship from In Color Capital of Canada, will be used to fund startups over the next four years and will involve various sectors include healthtech, fintech and logistics, among others.

The fund has also received investments from Small Industries Development Bank of India, Accel Partners, IFC, T.V. Mohandas Pai, Binny Bansal, Deep Kalra, Bhupen Shah and Sanjeev Bikhchandani.

“We are thankful for the support from like-minded individuals and partners who believe in our investment thesis of backing innovation and disruption that solves real-world problems through applied AI,” Singhal said.

(Picture courtesy: pi Ventures)