Karthee Madasamy, Founding Managing Partner at MFV Partners.

My guest today is Karthee Madasamy, founding managing partner at MFV Partners, a US-based early-stage deep-tech focused VC firm.

In this episode, Karthee gives us a quick overview of MFV’s $25 million Harper Court Ventures Fund 1 – a specialized vehicle bridging academic research and commercial viability for the deep tech startups coming out of University of Chicago.

He talks about how the fund addresses critical gaps in early-stage ecosystems through “smart funding,” meaning combining capital with hands-on operational support, to translate lab breakthroughs into viable companies.

The model focuses on high-impact sectors where UChicago holds world-class capabilities, including quantum computing, life sciences, energy, and artificial intelligence. Unlike traditional VC, the fund embeds itself in the university’s innovation pipeline – collaborating with accelerators, tapping extensive alumni networks, and guiding startups from IP validation to Series A readiness.

Early bets include Flow Medical, which is developing a next-generation catheter-based therapy to treat acute pulmonary embolism,

SimCare AI, which is developing a platform for clinical skills training and evaluation, and Beacon, which is developing technology that eliminates viruses, bacteria, and molds from air and surfaces.

Karthee also briefly discusses potential takeaways and best practices from partnerships such as the Harper Court fund, which are not new in the US, for India’s emerging deep tech ecosystem. MFV’s investments in India include Ati Motors, an autonomous mobile robots company in Bengaluru, and EV energy infrastructure company Sun Mobility.

Daily brief on deep tech and climate tech from India and around the world.

US scientists alarmed as Trump’s proposed budget slashes NASA science funding by half

US scientists have condemned President Trump’s fiscal 2026 budget proposal, which seeks to cut NASA’s science funding by 47 percent and reduce its workforce by a third. The plan would cancel 41 missions, including the Mars Sample Return and OSIRIS-APEX, and halt collaborations like the Rosalind Franklin rover.

Key Earth and astrophysics projects would also be axed, risking $12 billion in taxpayer investment, in operating missions alone, and undermining climate research. While the proposal faces bipartisan opposition in the US Congress, scientists warn that even temporary enactment could cause lasting damage to US space science and international partnerships.

Listen to the podcast

IonQ to acquire Oxford Ionics in $1.08 billion deal to boost quantum capabilities

IonQ, a leading US quantum computing company, yesterday announced an agreement to acquire UK-based Oxford Ionics for $1.08 billion, mostly in stock. The deal aims to combine IonQ’s quantum hardware and software expertise with Oxford Ionics’ quantum chip technology, accelerating advances in the field. The transaction, which includes $10 million in cash, is expected to close in 2025 pending regulatory approvals.

Founded in 2015 by physicists Christopher Monroe and Jungsang Kim, IonQ became the first pure-play quantum computing company to go public on the New York Stock Exchange in October 2021. The company is credited with advancing the use of trapped-ion technology, which is said to offer higher stability of qubits, the building blocks of quantum computers, and coherence, which refers to the ability of a quantum system, such as a qubit, to maintain a well-defined phase relationship between its different states.

Bhashini to build AI-powered multilingual services for Indian Railways

In some news on India’s population-scale AI efforts, the Digital India Bhashini Division and Centre for Railway Information Systems have signed an MoU to integrate advanced multilingual AI solutions into Indian Railways’ digital platforms, the ministry of electronics and IT said in a statement yesterday.

Using Bhashini’s technology stack — including speech recognition, translation, and text-to-speech — railway services such as the National Train Enquiry System and RailMadad will become accessible in 22 Indian languages.

The partnership aims to improve accessibility, efficiency, and transparency for millions of passengers, with plans to roll out chatbots, voice assistants, and multilingual interfaces across web, mobile, kiosks, and call centers. Pilot deployments and technical workshops will begin in the coming months.

Vecmocon, EV tech startup, raises $18 million from EIF, Aavishkaar, BII

Okay, some news from the world of EVs in India. Vecmocon Technologies, an EV components startup in New Delhi, has secured $18 million in Series A funding led by Ecosystem Integrity Fund, with participation from Aavishkaar Capital, British International Investment, and existing investor Blume Ventures.

Vecmocon develops advanced battery management and vehicle intelligence systems for electric vehicles, with its technology already equipping some 100,000 EVs in India, the company said in a press release. It was founded in 2016 by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, and incubated at IIT Delhi.

The new investment will help the entrepreneurs fund market expansion and R&D.

Shipping industry faces hurdles as it navigates new net zero rules

The shipping industry, responsible for about 3 percent of global emissions, faces a pivotal period as it seeks scalable zero-emission solutions and adapts to stricter climate policies, Reuters reported last week.

The sector must cut the greenhouse gas intensity of its fuel by 30 percent by 2035 and 65 percent by 2040 under new global regulations, with the International Maritime Organization introducing emissions thresholds and a pricing mechanism starting in 2028. While innovations like wind-assisted propulsion and biofuels are emerging, concerns remain over the sustainability of some fuels and market uncertainty, according to Reuters.

Microsoft’s deal for low-carbon cement from MIT-spinout Sublime

Microsoft recently agreed to buy up to 622,500 metric tonnes of low-carbon cement from Sublime Systems, a US startup, over the next six to nine years, aiming to reduce emissions from its data center and infrastructure construction. The deal uses new environmental certificates to claim emissions reductions, even when the cement isn’t used directly by Microsoft.

Sublime’s electrochemical process avoids the carbon emissions of traditional cement production. The agreement will help scale Sublime’s technology and accelerate the adoption of cleaner construction materials in an industry responsible for about 8 percent of global CO₂ emissions.

Sublime was founded at MIT by Dr. Leah Ellis and Prof. Yet-Ming Chiang, both respected experts in materials science, electrochemical systems, and sustainability research. The company has raised over $200M in funding from leading climate tech investors, global cement incumbents, and cooperative agreements with the U.S. Department of Energy.

Gridcare uses AI to unlock hidden grid capacity for data centers

Gridcare, a US startup founded by entrepreneur Amit Narayan, uses generative AI to map and analyze the US electrical grid, according to a TechCrunch report. The startup, which has raised $13.5 million in seed funding recently, could potentially identify more than 100 gigawatts of untapped capacity for data centers, Narayan tells TechCrunch.

By matching data center developers with utilities and factoring in variables such as fiber connectivity, weather, and regulations, Gridcare aims to help hyperscalers bypass long waits for grid connection. It charges developers based on the megawatts it unlocks, offering a cost-effective alternative to building private power plants.

So far, North American startups have secured over $22.37 billion in funding for carbon capture, utilization, and storage (CCUS) technologies, altenergymag.com reports. Some $130 million of that was raised in 2025 to date.

Investors grow cautious on direct air capture despite climate tech boom

Once a darling of climate tech, direct air capture (DAC) startups in the US have seen a 60 percent drop in venture investment this year amid political uncertainty and wavering corporate commitments, Bloomberg reported early last month.

With government incentives at risk and high costs per tonne, the DAC sector faces a challenging path to scale, even as overall climate tech investment rises. This shift raises concerns about the sector’s ability to deliver on long-term carbon removal goals, Bloomberg Reporter Coco Liu writes in that insightful piece.

Stride Green raises $3.5 million to boost tech-enabled clean energy asset financing

Stride Green, in New Delhi, has secured $3.5 million in seed funding to expand its innovative financing and leasing solutions for renewable energy, electric mobility, and battery storage. The company’s green finance portfolio now exceeds $120 million, supporting more than 3,000 cleantech assets and reflecting India’s surging climate tech investment.

Stride Green was started last year by the well-known venture debt focused VC, Ishpreet Singh Gandhi, founder and managing partner at Stride Ventures, along with Vivek Jain, co-founder and chief business officer.

Vishal Kataria, AVP and member of investment team, Ankur Capital

My guest today is Vishal Katariya, a member of the investment team at Ankur Capital, an early-stage venture capital firm in Mumbai. Vishal is based in Bengaluru.

It’s World Environment Day today, and Vishal’s here to talk about why and how India is uniquely positioned to lead in building climate solutions that work for the world. Vishal is one of the authors of Ankur’s recent report on private investments in climate tech, titled Transforming India’s Core Sectors, along with Ankur’s founding managing partner Ritu Verma, Shiva Shanker, a partner, and Debansh Sahoo, who’s also on the firm’s investment team.

To quote from a brief on the report, entrepreneurs are drawing on India’s deep talent pool, a problem-solving mindset shaped by constraint, and a lived understanding of the Global South – not to chase emissions reductions alone, but because industries increasingly recognize that rethinking how we produce, grow, move, and power things is critical to staying competitive and creating long-term economic value in a changing world.

The report presents a data-backed analysis of how startups and venture investments are shaping these efforts. It tracks 2020–2024 funding trends across India and global markets in five sectors: energy, food and land use, transportation, industrial decarbonization, and carbon and climate management.

In this conversation, Vishal walks us through a quick overview of Ankur’s findings and briefly touches upon the implications for founders and investors.

India’s deep tech sector gains momentum through April 2025

India’s deep tech sector witnessed some serious momentum heading into May. Notably, deep tech startups attracted $324 million in funding in the first four months of 2025, more than double the previous year’s figure for the same period, Economic Times reported, citing data from Venture Intelligence.

While the absolute number is modest, compared with the leading deep tech hubs of the world, this increase does reflect growing investor confidence, and a gradually maturing ecosystem in India. Now here are 10 noteworthy developments in deep tech in India in 2025, in no particular order.

Listen to the episode

1. Netradyne’s $90 million investment

Netradyne, an AI-powered fleet management platform, secured $90 million led by Qualcomm Ventures and Point72 Ventures. Their cutting-edge computer vision and deep learning solutions are transforming real-time driver and fleet safety analytics.

2. SpotDraft’s $54 million raise

SpotDraft, specializing in AI-based contract management, raised $54 million. Its platform leverages machine learning to automate and optimize legal contract workflows for enterprises in India and beyond.

3. Infinite Uptime’s $35 million for predictive maintenance

Infinite Uptime, a predictive maintenance platform, raised $35 million. The company uses IoT and AI to monitor industrial equipment, reducing downtime and boosting operational efficiency.

4. Tonbo Imaging’s $21 million for defense tech

Tonbo Imaging, a leader in advanced imaging and sensor systems for defense, secured $21 million. Their technology enhances surveillance, targeting, and situational awareness for the armed forces.

5. Inspecity’s $19.5 million series A funding

Inspecity Space, a Mumbai-based startup focused on in-orbit satellite servicing and space robotics, raised $19.5 million in a Series A round led by Nexus Venture Partners. This funding will help accelerate the development of India’s first in-orbit satellite servicing missions.

6. Agnikul Cosmos: 3D-printed rocket engine advances

Agnikul Cosmos, incubated at IIT Madras, conducted further advanced tests on its 3D-printed rocket engine. The company’s milestones highlight India’s private space tech capabilities in advanced manufacturing and innovation.

7. Mindgrove Technologies: indigenous semiconductor breakthrough

Mindgrove Technologies, a fabless semiconductor startup, successfully taped out its 28nm Secure-IOT chip based on RISC-V architecture. This chip strengthens India’s domestic hardware ecosystem and reduces reliance on imports.

8. ImmunoAct’s indigenous CAR-T cell therapy

ImmunoAct, in collaboration with IIT Bombay and Tata Memorial Hospital, developed an indigenous CAR-T cell therapy for cancer. This breakthrough offers advanced, locally developed treatment options for Indian patients.

9. India’s sovereign AI efforts

The IndiaAI Mission has now named four startups to build AI models for the country. These are Sarvam AI, Soket AI, Gnani AI and Gan AI. IndiaAI allocated ₹10,372 crore (approx. $1.25 billion) to accelerate AI research and talent development.

10. Pixxel’s hyperspectral imaging satellites

Pixxel, a Bengaluru-based space tech startup, is building a constellation of hyperspectral imaging satellites. These will provide high-resolution, real-time imagery for agriculture, climate monitoring, and disaster response, positioning India as a leader in commercial space applications.

India poised to become global leader in AI and deep tech, say experts

India is at a pivotal moment to lead the world in artificial intelligence and deep tech, leveraging its vast digital data resources, according to global experts at the India Global Innovation Connect 2025 in Bengaluru, Times of India reports.

Speakers highlighted India’s strategic advantage in data, the need for deeper process reforms, and urgent educational changes to prepare for quantum and AI-driven futures.

Industry leaders emphasized that integrating AI into enterprise systems will be a key competitive edge, unlocking productivity and growth. India’s momentum positions it as a potential global hub for technological breakthroughs in the coming decade.

Listen to the episode

Accenture and NVIDIA partner to help AI startups scale enterprise solutions

Accenture has announced an expanded initiative, in collaboration with NVIDIA Inception, to help high-potential AI startups transition from breakthrough ideas to scalable enterprise solutions, the tech services and consulting giant said in a press release.

The program will provide startups with market intelligence, technical workshops, and access to Accenture’s industry expertise and NVIDIA’s developer ecosystem.

The first phase targets marketing and customer experience AI solutions, aiming to accelerate innovation and enterprise readiness. The partnership is designed to bridge the gap between innovation and market impact, supporting startups in delivering meaningful, industry-wide transformation.

AI, blockchain, and IoT to boost climate tech innovation in 2025

Emerging technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT) are revolutionizing climate tech in 2025, AppInventiv, an on-demand software developer, notes in a blogpost.

AI is enabling smarter sustainability by optimizing energy use, managing emissions, and building climate resilience. Blockchain is enhancing transparency in carbon credit trading and emission tracking, while IoT devices provide real-time environmental monitoring for air, water, and soil quality.

These tools are empowering startups to create scalable, transparent, and effective solutions for global sustainability challenges, opening new opportunities for impact and profitability in climate action.

Zurich startup Jua raises €10M to launch AI-based Earth simulation platform

Jua, a Zurich-based climate tech startup, has secured €10 million in Series A funding to accelerate the rollout of its AI-based Earth simulation platform, Tech Startups reports. The platform uses proprietary physics-based models to forecast weather and energy market dynamics, helping energy companies and other industries make better planning decisions.

The round was co-led by Ananda Impact Ventures and Future Energy Ventures, with existing backers also participating. Jua claims its Earth Intelligence platform is the world’s most advanced in its category, promising to enhance climate and energy risk forecasting for commercial applications.

Leading venture funds launch coalition for deep tech investment in New Mexico

A new coalition for deep tech investment has been launched by leading venture funds in partnership with Roadrunner Venture Studios and the New Mexico State Investment Council, Quantum Insider reports. The initiative aims to bridge the gap between frontier science in laboratories and the venture capital needed to commercialize world-changing ideas.

Organizers emphasize that deep tech startups require different support structures compared to traditional startups, focusing on long-term, high-impact innovations in fields like quantum computing, advanced materials, and climate solutions.

Neuroscience neural engineering isometric composition with computer engineers at work and brain model 3d vector illustration (Image by Macrovector on Freepik)

Tata Electronics eyes Malaysia chip fab acquisition to boost semiconductor expertise

Tata Electronics is in talks to acquire a semiconductor fabrication or OSAT plant in Malaysia, engaging with companies like X-Fab, DNeX, and Globetronics, Economic Times reports. The move aims to strengthen Tata’s knowledge and talent base before launching semiconductor assembly and packaging operations in India.

Malaysia’s mature ecosystem, skilled workforce, and government incentives make it a preferred destination. Acquiring a Malaysian facility would help Tata gain manufacturing expertise, de-risk supply chains, and complement its major investments in semiconductor fabs and OSAT units in Gujarat and Assam.

Listen to the episode

Musk’s Neuralink raises $650 million as brain implant trials expand globally

Elon Musk’s Neuralink has secured $650 million in new funding as it begins clinical trials of its brain-computer interface implant in three countries, Reuters reports.

The device, already used by five patients with severe paralysis to control digital and physical devices by thought alone, aims to restore mobility, speech, and vision.

The US FDA recently granted “breakthrough” status to Neuralink’s speech and vision restoration devices, expediting their development. The funding will help expand patient access and further innovation, with Neuralink now valued at around $9 billion.

Outset Ventures raises $25 million to back New Zealand deep techs

In New Zealand, Outset Ventures, the Auckland-based backer of startups such as Rocket Lab, has closed a $25 million fund to invest in deep tech startups focused on hard science and engineering breakthroughs, TechCrunch reports.

The fund targets sectors like energy generation, storage, and infrastructure, supporting companies such as nuclear fusion startup OpenStar and offshore wind storage firm EnergyBank. Outset aims to leverage New Zealand’s capital efficiency and technical talent to scale globally, despite challenges in attracting international investment. The move comes amid a rebound in New Zealand’s venture investment ecosystem.

Amitabh Kant urges catalytic public procurement to drive India’s innovation ecosystem

In a Hindustan Times opinion piece, Amitabh Kant, G20 Sherpa at the Government of India, highlights the critical role of catalytic public procurement in transforming India’s innovation landscape. He argues that, like the US government’s DARPA (Defense Advanced Research Projects Agency), the Indian government should act as a key buyer of new technologies, using outcome-based tenders and phased grants with buy-back commitments to spur innovation and reduce adoption risk.

Such proactive procurement can bridge the gap between patents and real-world solutions, accelerate advances in areas like AI and semiconductors, and help India become a global leader in frontier technologies, Mr. Kant writes.

Photo of Republic Day-themed art installations India Republic Day publ

India launches Bharat Gen, first government-funded multimodal AI language model for Indian languages

Union Minister Dr. Jitendra Singh launched Bharat Gen, India’s first indigenously developed, government-funded, AI-based multimodal large language model (LLM) for Indian languages at the BharatGen Summit, according to a statement yesterday by the ministry of science and technology.

Developed under the National Mission on Interdisciplinary Cyber-Physical Systems and led by IIT Bombay, BharatGen integrates text, speech, and image processing in 22 Indian languages to provide region-specific AI solutions across sectors like healthcare, education, and governance. Supported by a consortium of academic and industry leaders, BharatGen aims to make AI ethical, inclusive, and rooted in Indian values, empowering innovation and citizen engagement nationwide.

Listen to the episode

Ather Energy and Infineon partner to boost India’s electric two-wheeler innovation with advanced semiconductors

Ather Energy and Infineon Technologies have signed a Memorandum of Understanding to jointly develop advanced semiconductor technologies for India’s electric two-wheeler market, the two companies said in a press release recently.

The partnership aims to enhance the efficiency, safety, and reliability of light electric vehicles (LEVs) and charging infrastructure using Infineon’s microcontrollers, sensors, and SiC/GaN (Silicon Carbide / Gallium Nitride) technologies, combined with Ather’s design expertise.

Executive Director and CTO Swapnil Jain says this collaboration helps Ather contribute to the EV ecosystem as well, as India seeks to hit 30 percent of auto sales with EVs by 2030. Ather and Infineon will work to make its electric scooters more energy-efficient, cost-effective, and appealing to consumers, while also exploring new innovations in sensing and safety systems.

China’s rare earth export curbs could threaten India’s booming electric two-wheeler market

Meanwhile, India’s electric two-wheeler sales have surged by a third, NDTV Profit reports, but the industry faces a looming shortage of rare earth metals as China has imposed strict export restrictions, requiring special licenses and slowing supply to automakers.

China, which controls about 90 percent of global rare earth processing, has not granted export licenses to Indian companies, raising concerns that production could halt if the situation persists.

Despite the sales boom, the sector’s growth in India is threatened by these supply chain disruptions, as rare earth metals are critical for manufacturing electric vehicle motors and batteries.

MFV Partners launches $25M deep tech fund with University of Chicago, expands investments including Indian startups

In some deep tech VC funding news, MFV Partners has launched Harper Court Ventures Fund I, a $25 million fund in exclusive partnership with the University of Chicago, to invest in pre-seed deep tech startups from the university’s ecosystem, focusing on quantum computing, life sciences, energy, and AI.

The fund has already invested in Flow Medical, SimCare AI, and Beacon. MFV’s portfolio company Conifer emerged from stealth, and MFV participated in new funding rounds for Chef Robotics, Irrigreen, and ReScale.

Karthee Madasamy, founding managing partner of MFV Partners, has played an important role in India’s startup ecosystem, notably by establishing Qualcomm Ventures’ India operations in 2008 and leading early investments in companies such as MapMyIndia, Apalya, Kirusa, and Tessolve.

During his 11-year tenure as managing director at Qualcomm Ventures, he was instrumental in supporting Indian deep tech and mobile technology startups, and he continues to back Indian innovators through MFV Partners, including investments in Ati Motors, an autonomous mobile robots (AMR) company in Bangalore.

Illustrative image. India’s GPU capacity for AI compute is rising through public and private efforts.

India’s AI GPU capacity hits 34,000 units

India’s national compute capacity has surpassed 34,000 GPUs, significantly boosting the IndiaAI Mission’s efforts to strengthen indigenous AI capabilities, the union government’s ministry of electronics IT said in a statement on Friday last.

At the ‘IndiaAI – Make AI in India, Make AI work for India’ event, Union Minister Ashwini Vaishnaw announced the selection of three new startups to build India-specific Foundation Models, aiming for global leadership. The mission is also expanding AI datasets. Additionally, winners of the IndiaAI I4C CyberGuard AI Hackathon were recognized for developing AI solutions to enhance cybercrime complaint classification.

Tata Sons $3.5 billion plan for strategic emerging businesses

Tata Sons will inject Rs. 30,000 crore, or about $3.5 billion, into its emerging ventures—including Tata Digital, Tata Electronics, Air India, and its defence and battery units, to step up their next growth phase, Economic Times reports. This is on top of a $120 billion commitment in recent years, aims to help these businesses prioritize execution and achieve profitability by FY27. Tata Digital is soon expected to get a new CEO, according to ET.

TCS, Google Cloud see opportunity in India’s sovereign cloud

India’s drive for digital sovereignty is fueling rapid growth in sovereign cloud services, creating a multi-billion-dollar opportunity for both local and foreign tech giants. Tata Consultancy Services and Google Cloud are among those seeking an early lead in tapping this demand, with government agencies increasingly seeking to store sensitive data on domestic platforms, Mint reports.

Wipro CTO: expect significant advances in quantum computing soon

Quantum computing technologies will see significant advances in under a year, Sadhya Arun, chief technology officer at Wipro, told Economic Times in a recent interview. At Wipro, the Indian IT services company is advancing quantum computing through its Quantum Leap program, working with clients in sectors such as life sciences and supply chain to develop proof-of-concepts, according to ET.

Worldwide, quantum computing commercialization is accelerating, with 2025 marking a pivotal year as industries begin adopting early-stage quantum solutions. The global quantum technology market is projected to reach $4.89 billion in 2029 from $1.88 billion in 2025, driven by advances in hardware, software, and cloud-based services, according to the State of the Global Quantum Industry Report, published by the Quantum Consortium.