Deep-tech focused early stage investor Speciale Invest closes second fund at $16 mn

Speciale Invest, an early-stage venture firm focused on deep tech, has raised Rs 120 crore ($16 million) for its second fund topping the target of Rs 100 crore.

The second fund is also double the size of the first fund.

Managing partner Vishesh Rajaram said the amount above the target for the second fund comes from rich persons and family offices. 

The fund expects to invest in 18-20 startups in sectors including SaaS (software as a service), space-tech, robotics, photonics and alternative energy. 

Speciale Invest was started in 2017 by Rajaram, a former Ventureast principal, and Travel Yari co-founder Arjun Rao.  

The seed-stage investor launched its first fund in 2018 which raised Rs 60 crore. The first fund has invested in 14 startups so far, with an average deal size of sub-$500,000. 

Investments from the first fund include those in aerial mobility startup ePlane, space-tech startup Agnikul, VR and AR platform Scapic Innovations, and Frontdesk AI, a startup which offers automated customer service software.   

Deep-tech startups have drawn a lot of interest.   

Last month, Endiya Partners and Applied Ventures announced their first curated accelerator programme, which looks to support deep-tech startups.   

The same month, Hyderabad-based venture capital firm Inflexor Ventures rolled out a deep-tech fellowship programme to provide seed to Series A capital from its $100 million fund.   

 Early-stage venture capital firms StartupXseed Ventures, Mantra Capital and Mela Ventures launched deep-tech funds last year.