IIT Madras Unicorn Frontier Fund I achieves first close at Rs.450-Cr

IIT Madras, the IIT Madras Research Park (IITMRP), and the venture capital firm Unicorn India Ventures have raised INR 450 crore in the first close for their deep-tech focused Unicorn Frontier Fund . The fund targets a corpus of INR 1,000 crore.The fund intends to allocate the newly raised capital towards investing in startups across sectors including space, defence, semiconductors, advanced AI, IoT, sensors, industrial automation, health-tech, biotech, climate-tech, and mobility.The fund has already deployed nearly INR 55 crore across four deep tech startups, including Hathor, Quanstra, Triolt Energy, and Carbelim.While the fund will evaluate startups within the IIT Madras incubation cell, it will also consider external firms that are developing frontier technologies and possess a validated product. The firm aims to support these companies in achieving revenue models exceeding INR 1,000 crore and anticipates final fund closure by December 2026.