SenseAI Ventures, an artificial intelligence (AI) focused fund for seed or pre-Series A startups, on Tuesday, launched its Rs 200 crore SenseAI Fund I. The new fund will invest in 18-20 AI-first startups and make follow-on investments in promising startups from its portfolio in their subsequent rounds of funding.
Rahul Agarwalla, Co-founder of SenseAI Ventures, said, “SenseAI Ventures has been at the forefront of AI for several years and we recognize that the journey of an AI-first startup is as challenging as it is transformative. Our approach is beyond capital; as experienced founders and operators we offer bespoke support tailored to the unique needs of each AI-first startup. AI is the single largest value creation opportunity of our lifetimes.”
SenseAI Ventures also announced the joining of global technology executive Raja Gopalakrishnan, the former executive Vice President of American financial technology company FIS, as the General Partner at the fund.
Gopalakrishnan said, “We will continue to build on the foundation of ‘Beyond Capital providing more than just funding. We offer a partnership that starts with product and technology, fostering a breed of AI startups that are both successful and revolutionary.”
The fund has formed a board of advisors comprising industry experts and thought leaders for strategic guidance and insights to help SenseAI and its portfolio companies grow. Its advisory committee comprises industry veteran James Abraham, former Senior Partner at BCG and Utkarsh B, former Chief Architect at Flipkart.
Investing in AI-focused startups since 2017, SenseAI has recorded four successful exits and maintains a portfolio of 12 startups in areas such as AI SaaS, AI B2C, and AI Tools including Cureskin, Jovian, FloWorks, Skit, NewsBytes, and more. The fund has exited from Tripeur, Thirdwatch, Artivatic, etc.
The size of the AI market in India is projected to reach $4.11 billion in 2023 and is likely to grow at a compound annual growth rate of 19.99 per cent to $14.72 billion by 2030.