Speciale Invest Launches INR 1,400 Cr Fund for Deep Tech Startups

Deep tech venture capital firm Speciale Invest has launched Growth Fund II with a corpus of INR 1,400 crore to support early stage startups in India.

The fund targets deep tech startups past technology validation but lacking stable revenues, helping them scale operations and build sustainable businesses with market ready solutions.

Growth Fund II plans to back around 12 to 15 startups, with average investments ranging between USD 5 million and USD 8 million. The capital will be used to help companies move from implementation ready technology to commercially sustainable businesses. The firm said this fund is expected to attract a more institutional limited partner base, while early stage funds may see participation from family offices.

The Chennai-based investor will continue to focus on sectors such as spacetech, advanced manufacturing, energy storage, quantum computing, health and biosciences, and defence technologies. A portion of the fund will be deployed in areas including unmanned systems and maritime surveillance, which are seeing interest from buyers.

Speciale Invest has appointed Vijay Jacob as general partner to lead growth stage investments. Jacob, a former founding member of NewQuest Capital, said the fund will focus on backing deep tech firms that have largely mitigated scientific risk and are ready for capacity expansion and global competition.

Three months ago, the firm closed Fund III at INR 600 crore, exceeding its target of INR 500 crore. That fund plans to invest in sovereign technology and scalable intellectual property developed in India.

Since launching early stage funds in 2017, 2021, and 2025, Speciale Invest has backed about 35 startups. Its portfolio includes Agnikul Cosmos, GalaxEye, ePlane Company, Ultraviolette, CynLr, and QNu Labs. The firm has recorded 9 exits to date.