British International Investment invests $8 million in Pi Ventures' Fund-II

Pi Ventures has raised Rs65.9 crore (approximately $8 million) from British International Investment (BII) for its second fund, which it uses to support deep-tech and artificial intelligence firms with early-stage funding.

According to Manish Singhal, one of the company's founding partners, the investment by UK-based BII, a development finance institution, brings the capital of Pi Ventures' Fund-II to around Rs530 crore.

Startups including Agnikul, Niramai, and Locus have received funding from Pi Ventures. According to Singhal, it intends to complete Fund-ultimate II's close by the first quarter of 2023. In January, the fund reached its first closing of Rs300 crore.