Riceberg Ventures launches $20 million fund for deeptech startups

Early-stage venture capital firm Riceberg Ventures on Tuesday said it has launched a $20-million fund to support deeptech startups including spacetech.

The fund plans to invest in 25-30 startups globally with an average cheque size of $0.5 million.

The global venture capital firm will invest in sectors such as spacetech, medtech/lifesciences, cybersecurity, artificial intelligence (AI), robotics, novel energy, semiconductors and quantum computing.


“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. Yet, many Indian founders have historically operated in the background due to systemic challenges and limited access to early-stage capital,” said Lino Gandola, founding partner at Riceberg Ventures.

Founded in 2023 by Ankit Anand, Mredul Sarda, Shubham Raj and Gandola, Riceberg Ventures has invested in spacetech startups such as Manastu Space and EtherealX, and cloud security startup Arch0.

According to the fund, it leverages its network of scientists and experts to support startups in their journey from ideation to commercialisation. Its operations in the US and Europe offer portfolio companies access to a global network of venture capitalists, enabling co-investments and securing follow-on funding opportunities, it said.

The firm highlighted the need to support deeptech startups, noting that these companies often struggle to secure funding due to their extended R&D timelines and lengthy incubation periods, despite their potential to create advanced technology solutions.

“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 Sarda.

Over the last few months, several deeptech-focussed funds have raised capital.

On December 11, business-to-business and deeptech-focused venture capital firm GrowX Ventures, which has backed startups like Pixxel, Bellatrix Aerospace, CynLr and Stashfin, launched its Fund-II with a target of raising Rs 400 crore.

Early stage venture capital firm 8X Ventures announced the first close of its second deeptech fund at Rs 200 crore last June.