Global early-stage venture capital firm, Riceberg Ventures, has announced the launch of a USD 20 million fund dedicated to fostering innovation in cutting-edge DeepTech sectors. The fund, backed by a consortium of Limited Partners (LPs), will specifically target startups operating in SpaceTech, Artificial Intelligence (AI), Cybersecurity, Novel Energy, Semiconductors, and Quantum Computing.
Recognizing the critical role of early-stage funding in driving groundbreaking advancements, Riceberg Ventures aims to bridge the funding gap faced by startups in these high-growth industries. The fund plans to invest in 25-30 startups globally, with an average ticket size of USD 0.5 million per investment.
Beyond capital infusion, Riceberg Ventures will provide invaluable support to its portfolio companies. Leveraging its extensive global network of business and technical leaders, the firm will actively guide startups in achieving product-market fit (PMF) and navigating the complexities of the market.
“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 and a physicist-turned-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.”
Founded in 2023 by Ankit Anand, Mredul Sarda, Shubham Raj, and Lino Gandola, Riceberg Ventures has already established a strong track record with investments in promising startups such as Manastu Space, Signatur Biosciences, and Keyron Medical.
India’s burgeoning DeepTech ecosystem has witnessed significant government support through initiatives like the INR 10,000 crore Startup Fund of Funds and the INR 50,000 crore National Research Foundation. However, DeepTech startups often face challenges due to their extended research and development cycles.
“Indian entrepreneurs have contributed significantly to global innovations, yet systemic challenges have often kept them in the background,” said Lino Gandola, Founding Partner at Riceberg Ventures. “Our goal is to empower Indian founders to lead on the global stage by providing them the resources and networks they need.”
Riceberg Ventures also operates KickSky, a SpaceTech accelerator, in collaboration with E2MC Ventures. KickSky recently launched its second cohort, featuring startups focused on advancements in orbital systems and advanced propulsion technologies. The program is further strengthened by strategic partnerships, including a Memorandum of Understanding (MoU) with the Hungarian government to foster international collaboration.
One of Riceberg Ventures’ portfolio companies, Manastu Space, recently garnered significant attention with the successful testing of its green propulsion system, VYOM 2U, onboard ISRO’s PSLV POEM-4 mission.
“Riceberg Ventures has provided us with more than just funding—they’ve been instrumental in connecting us with global customers and investors, helping us accelerate our R&D efforts,” said Tushar Jadhav, Co-Founder of Manastu Space.
With operations spanning Europe, the US, and India, Riceberg Ventures aims to catalyze DeepTech innovation by leveraging its global network of scientists, entrepreneurs, and venture capitalists. This new fund represents a significant step towards empowering the next generation of DeepTech pioneers and shaping a future driven by groundbreaking technological advancements.
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