Pi Ventures secures $13 million for its $30 million AI-focused fund

Pi Ventures, an early-stage venture fund focused on investing in areas of artificiai Intelligence, machine learning and the Internet of Things has secured $13 million as part of its maiden $30-million fund, which is expected to close by the end of 2017.

Among the backers of Pi Ventures is the Small Industries Development Bank of India (SIDBI), family offices of HNIs from USA, Canada, Singapore and India and individuals such as Mohandas Pai, Binny Bansal, Deep Kalra Sanjeev Bikchandani and Bhupen Shah.

“India is the dark horse in the AI race given it has a lot of data, brilliant data