Venture capital firm Peak XV Partners has announced that the most recent round of its accelerator programme is heavily focused on artificial intelligence (AI) and deep tech startups. This reflects a growing interest among global investors to get an early stake in such enterprises.
On Monday, October 23, Peak XV revealed that their newest Surge cohort consists of 13 startups, with 10 of them operating in the AI and deep tech sectors. Geographically, seven of these startups hail from India, four are based in Southeast Asia, and two are from Australia.
Various sectors and substantial funding
The startups span various sectors, including advanced manufacturing, quantum computing, climate technology, and healthcare technology. These companies can receive up to US$3 million in funding. “If 1999 was the start of the consumer Internet era, then 2023 will be the beginning of the AI era,” said Shailendra Singh, the managing director of Peak XV. Singh pointed out that the last six months have been particularly important as AI systems are proving effective and capable of building essential applications.
According to Singh, Peak XV is keenly interested in investing in AI. He mentioned, “We are in the very early days of a multi decade AI trend.”
Global aspirations and a look towards the US
After separating from its Silicon Valley parent company, Peak XV, which once operated as Sequoia Capital India & Southeast Asia, is now setting its sights globally. The firm has managed over US$9 billion in 13 different funds since its days as a Sequoia regional unit. Post-separation, it has expanded its investment search to include Australian startups.
Furthermore, Peak XV is currently scouting for office space in Silicon Valley, where its former parent company, Sequoia, is based. Singh, who orchestrated the split this summer, revealed that Peak XV has already made its first hire in the US. The latest batch of startups in the accelerator programme will spend time in the US to expand their networks and understand the American market better.
This Surge cohort includes Indian semiconductor startups Mindgrove Technologies and InCore Semiconductors. These companies aim to tap into India’s growing ambitions to become a semiconductor powerhouse. Another noteworthy startup is Singapore-based Pix.ai, which has developed an AI-driven anime generator to assist creators in producing high-quality anime art.
