StartupXseed Ventures raises funds from Canara Bank VC arm Canbank

Bengaluru-based strategic seed funding company StartupXseed Ventures LLP has on-boarded Canbank Venture Capital Fund Limited (CVCFL), a venture capital firm set up by Canara Bank for an investment of 20% of the fund size.

This collaboration will help enhance StartupXseed's plan of reaching out to more entrepreneurs with newer inventions in the technological space which could disrupt the global market.

“We are very excited to receive the investment from CVCFL and it will accelerate our investment plans to invest in the areas of Deep Technologies like Nano Electronics, AI/ML, Cyber Security, Semiconductor, and IoT, " said BV Naidu, Managing Partner, StartupXseed Ventures, reports Yourstory.

Also Read: HDFC Bank launches $25 million fund for startups

StartupXseed Ventures LLP is the Investment Manager of “Aaruha Technology Fund” registered with Securities and Exchange Board of India (SEBI) as Category I - under Alternative Investment Fund (AIF) Regulations 2012.

With an initial investment of Rs 30 crore, the seed-stage VC firm StartupXseed is led by bureaucrat-turned-VC investor B V Naidu. It is backed by former Infosys board members V Balakrishnan and TV Mohandas Pai, as well as Manipal Group scion Ranjan Pai and others.

The firm has so far invested in five firms, such as Aarav Unmanned Systems and Airwood Aerostructures, drone start-ups; ShieldSquare, a security start-up; Siliconch Systems that has developed IP in semiconductor space and Darwinbox HR Technology.

Also Read: US-based Nexus picks 4 Indian startups for incubation

StartupXseed has also tied up with the International Institute of Information Technology-Bangalore’s incubator, Blue Sky Angels, Dayanand Sagar University and eHealth Technology Business incubator in PES university.

According to Business Standard report, the firm is planning to invest in new and emerging technologies like Blockchain, Cloud Technologies, AI for different Business Applications and are also looking into possible synergies of current and new investments in the future.

StartupXseed Ventures: Website