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ARTPARK- backed by IISc to Launch $100 million Fund to Invest in AI & Robotics

The Department of Science and Technology (DST) and the Karnataka government have seed-funded the not-for-profit firm, which is pushed by IISc and supported by AI-foundry, with a total of 230 crore ($32 million) to help translate cutting-edge research into solutions that may influence society.

Shivam Dwivedi
ARTPARK- backed by IISc to Launch $100 million Fund to Invest in AI & Robotics
ARTPARK- backed by IISc to Launch $100 million Fund to Invest in AI & Robotics

The Indian Institute of Science (IISc) - Bengaluru's AI & Robotics Technology Park (ARTPARK) has announced the formation of a $100 million venture fund. In an interview with ET, ARTPARK CEO Umakant Soni said that the venture fund will be formally launched by the end of this month, pending SEBI approval, and that money deployment will likely begin in May or June.

"We have some soft pledges to invest in the fund from both domestic and international investors," Soni said. "According to Soni, the venture fund's investment size will range from $1 million to $3 million, with a 10- to the 12-year investment horizon.”

On Monday, the IISc campus in Bengaluru hosted the launch of ARTPARK. The Department of Science and Technology (DST) and the Karnataka government have seed-funded the not-for-profit firm, which is pushed by IISc and supported by AI-foundry, with a total of 230 crore ($32 million) to help translate cutting-edge research into solutions that may influence society. Eco-friendly cryptos to watch out for this year.

The one-day hybrid event "Connecting the Unconnected" was organized as part of the ARTPARK Innovation Summit 2022. The summit was inaugurated by Karnataka's Minister for Information Technology, Biotechnology, Science, and Technology, C.N. Ashwath Narayan, who stated that the initiative would assist the country's youth outside of urban India not only in accessing next-generation digital opportunities but also in acquiring the skills required to thrive in an AI-driven future.

Innovation Lap inaugurated at ARTPARK will focus on three broader areas:

  • 5G and Drones for Digital and Physical Connectivity

  • Making healthcare services available to people at their homes

  • Using AI to Promote Inclusive Learning

The lab has technical teams that work in collaboration with other IISc labs. It will also work with other technical institutes and bodies, such as the Indian Institute of Technology (IIT) Kanpur, the Indian Institute of Technology (IIT) Jodhpur, the University of Aalto in Finland, the Indian Council of Medical Research, and All India Institute of Medical Sciences.

"Futuristic technologies such as 5G, AI, and Robotics will help India realize its dream of becoming a world leader at a much faster pace," Rajiv Kumar, vice-chairman of NITI Aayog, said virtually attending the event.

ARTPARK creates AI and robotics facilities to support technological innovation as well as capacity building through advanced skill training for students and professionals in these fields. Some of these facilities will be critical enablers of entirely new sets of technologies, products, and services.

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