Global early-stage venture capital firm, Riceberg Ventures has announced the launch of a $20 million fund to support DeepTech Startups including SpaceTech. Backed by a consortium of Limited Partners (LPs), the fund aims to address the funding gap in this sector by providing early-stage capital to these startups. Apart from follow-on fundraising for its portfolio companies, it provides hands-on support for achieving product-market fit (PMF) through its global network of DeepTech business and technical leaders.
The fund is designed to invest in 25-30 startups, across the globe, with an average cheque size of $0.5 million. Capital will be invested in high-growth sectors such as Spacetech, MedTech/Lifesciences, Cybersecurity, AI, Robotics, Novel Energy, Semiconductors, and Quantum Computing.
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“DeepTech has always been at the forefront of industry-defining innovations. While it’s a buzzword today, we began our journey before it gained mainstream recognition,” said Ankit Anand, Founding Partner of Riceberg Ventures, a physicist and DeepTech entrepreneur. “True venture success comes from investing in disruptive solutions that create entirely new markets or redefine existing ones. This fund is our commitment to supporting DeepTech entrepreneurs tackling complex global challenges,” he added.
India’s DeepTech ecosystem has seen growing support from the Union Government, with initiatives such as the Rs. 10,000 crore ($1.1 billion USD) Startup Fund of Funds and the Rs. 50,000 crore ($5.8 billion USD) National Research Foundation. These programs are designed to bolster research and innovation, creating an environment conducive to DeepTech startups. However, DeepTech startups face significant challenges in getting funding from investors because of their exceptionally long R&D cycles and incubation period. Riceberg Ventures aims to act as a catalyst for Indian DeepTech startups, helping them develop advanced technology-driven solutions.
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“The Indian diaspora has played a pivotal role in some of the world’s most significant innovations, from Google’s early development to OpenAI’s breakthroughs,” said Lino Gandola, Founding Partner at Riceberg Ventures and a former European VC professional. “Yet, many Indian founders have historically operated in the background due to systemic challenges and limited access to early-stage capital,” he added.
Riceberg Ventures leverages its deep network of leading scientists and experts to guide startups from ideation to commercialisation. Additionally, its strong presence in the US and Europe provides portfolio companies with access to a global network of top venture capitalists, facilitating co-investments and follow-on funding.
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Riceberg Ventures seeks to change that by providing capital and resources to empower Indian founders and is uniquely positioned to support Indian DeepTech entrepreneurs globally. “Our mission is to empower Indian researchers and entrepreneurs to take center stage, providing them with the resources needed to build the next Google or SpaceX,” said Mredul Sarda, Founding Partner, Riceberg Ventures, IIT Bombay alumnus and former Strategy at Slice, an Indian fintech unicorn.
In one of its most recent achievements, Manastu Space, a portfolio investment of Riceberg, successfully test-fired its green propulsion system VYOM 2U onboard the ISRO’s PSLV POEM-4 mission.
“Riceberg Ventures has been instrumental in supporting Manastu Space’s mission to innovate in the spacetech industry. Beyond providing funding that has accelerated our research and development efforts, they have served as a collaborative partner, empowering us to push boundaries and develop sustainable green propulsion solutions for the future of space transportation. Their hands-on support in global customer outreach and investor introductions for follow-on funding has been invaluable,” said Tushar Jadhav, Co-Founder, Manastu Space.
Additionally, Riceberg Ventures, in collaboration with E2MC Ventures, operates KickSky, India’s first dedicated SpaceTech accelerator. The program recently launched its second cohort, which is set to go live in January 2025. This cohort invites budding SpaceTech startups to leverage the accelerator’s 0-to-1 infrastructure. The initiative will also include global SpaceTech startups, further strengthened by an upcoming Memorandum of Understanding (MoU) with the Hungarian government. KickSky’s current portfolio features companies such as OrbitAid, AugsenseLab, and more.
“Through KickSky and our fund, we’re not just investing in startups; we’re building an ecosystem to drive DeepTech innovation. We’re excited to partner with visionary entrepreneurs who are tackling complex global challenges with breakthrough technologies. KickSky serves as a catalyst for global players to discover and collaborate with the best SpaceTech startups in India,” said Shubham Raj, Founding Partner at Riceberg Ventures, an ethical hacker and former Lead Cybersecurity Engineer at Coinbase.
About Riceberg Ventures
Founded by Ankit Anand, Mredul Sarda, Shubham Raj, and Lino Gandola in 2023, Riceberg Ventures is built on the belief that exceptional businesses emerge from solving humanity’s toughest problems. Riceberg Ventures’ has currently invested in startups such as Manastu Space, Signatur Biosciences, EtherealX, Keyron Medical, and Arch0. The VC firm is supported by advisors such as Prof. Uday Desai, founding director of IIT Hyderabad, and Prasad Chaganti, a seasoned banker with extensive experience in optimizing capital allocation for high-stakes investments.
Riceberg Ventures is a global early-stage venture capital firm dedicated to supporting DeepTech startups. With a $20 million fund and operations spanning Europe, the US, and India, the firm focuses on emerging sectors such as Spacetech, MedTech/Lifesciences, Cybersecurity, AI, Robotics, Novel Energy, Semiconductor, and Quantum Computing. Riceberg Ventures also operates Kicksy, India’s first spacetech accelerator program.
