IIT Madras launches deep-tech fund to back frontier startups

IIT Madras Research Park and Unicorn India Ventures have launched the IITM Unicorn Frontier Fund I, a deep-tech investment vehicle targeting early-stage, intellectual property-led startups in India. The fund has reached a first close of ₹450 crore, with a total target corpus of ₹1,000 crore, including a ₹400 crore greenshoe option.

The fund aims to support approximately 25 startups across strategic sectors such as space technology, quantum computing, robotics, semiconductors, defense, and medical technology. It is designed to provide patient capital to engineering-intensive companies that face longer development cycles and research requirements than traditional software firms.

Nearly ₹55 crore has already been deployed across four startups: Hathor (rocket engines), Quanstra (quantum instrumentation), Triolt Energy (lithium-ion battery cells), and Carbelim (carbon capture technology). The fund utilizes a 10+2-year investment horizon to help companies navigate the transition from research to commercial scale.