IIT Madras marks ‘first close’ of deep-tech fund to support startups, alumni investment crosses Rs 150 crore

The Indian Institute of Technology Madras (IIT Madras) has made an announcement about the ‘first close’ of its deep-tech venture capital fund. This venture will offer long-term funding and technical support to startups that are working on advanced technologies.

The IIT Madras Unicorn Frontier Fund I, launched by IIT Madras Research Park and Unicorn India Ventures, is expected to raise Rs 600 crore to Rs 1,000 crore. The fund will provide patient capital to deep-tech startups emerging from or supported by the IIT Madras ecosystem.

Other than funding, the initiative will provide technical mentorship and help build connections between institutions and industry. IIT Madras has disclosed the names of the startups selected for funding at Sangam 2026, the annual alumni conference of the IIT Madras Alumni Association (IITMAA), which was held in Bengaluru on September 26, 2026.

Highlighting the impact of this VC Fund, V Kamakoti, Director, IIT Madras, said, “Viksit Bharat 2047 as envisaged by Hon'ble Prime Minister will be a Startup Nation. This VC Fund is a humble attempt by IIT Madras and Unicorn India to support promising startups cross their respective valleys of Hope and rise up to become an Unicorn.”

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IIT Madras deep-tech fund to support 24 to 30 startups

The deep-tech venture capital fund initiative has received strong interest from the alumni of IIT Madras and their investments have exceeded Rs 150 crore. This funding is expected to support around 24 to 30 technology companies.

Speaking about the role of alumni capital in supporting deep-tech entrepreneurship, Ashwin Mahalingam, Dean (Alumni and Corporate Relations) from IIT Madras, said, “The fund will also play a pivotal role in bridging the ‘patient capital’ gap that is critical to the success of deep-tech startups.”

Natarajan Malupillai, Group CEO, IIT Madras Research Park and Incubation Cell, said this initiative will bring together large companies doing research and development along with early-stage startups. He added that deep-tech companies require patient capital, research expertise and industry partnerships to build scalable technologies, which this funding will provide.