Integrated business acceleration and technology investment firm TECHCELX, has announced a $15 Mn (INR 100 Cr) fund to support ventures developing cutting-edge technology products and businesses being disrupted by technology.
TECHCELX was launched by former CEO of HCL Technologies, Anant Gupta. It is focussed on developing digital technology products & platforms in enterprises being disrupted by technology.
Anant Gupta, founder Chairman and CEO, TECHCELX said, “The launch of this $15 Mn (INR 100 Cr) fund is a significant step in this direction where we will be focussing on ventures with specialisation in technologies like machine learning, IoT (Internet of Things), AI, analytics, and data science, and automation across three main sectors of banking, education, and healthcare. Our vision is to help startup organisations develop and apply next-gen technology solutions to disrupt legacy operating models.”
As per a company statement, the company will invest between $75K (INR 50 lakh) and $1.5 Mn (INR 10 Cr) in disruptive technology ventures and the shareholding will range between 15% and 51%. Three other key partners from the investment banking and technology sectors are backing this fund.
In another development, earlier today IT services major HCL Technologies said Gupta has put in his papers, following which the company has elevated current Chief Operating Officer C Vijayakumar to the post. In a statement, it said, “Anant Gupta has decided to leave the company to pursue personal interests outside of HCL.”
Earlier in August 2016, reports surfaced that Ratan Tata is reportedly planning to set up a Venture Capital fund. It was reported that Tata in partnership with the University of California, is setting up a venture capital fund with a corpus of around $100-150 Mn. He is already on the lookout for startups, according to sources who were aware of the development.