IIT Madras Research Park (IITMRP) and Unicorn India Ventures (UIV) have joined forces to launch a Rs 600-crore deep tech fund, named 'IIT Madras Unicorn Frontier Fund I', with an additional Rs 400 crore greenshoe option. The fund aims to support early-stage, IP-driven startups in strategic sectors, aligning with national interests.
The fund will focus on engineering-heavy firms in areas including robotics, space tech, defense tech, semiconductors, and medical technology. It plans to invest Rs 8–10 crore in over 25 startups. IITMRP and UIV will have equal roles in strategically constructing the portfolio, with a significant portion of companies sourced from the IITM ecosystem and the rest from the broader Indian deep tech ecosystem.
The investment strategy will target startups at Technology Readiness Level (TRL) 3–4, while also supporting those at more advanced stages (TRL 5-9) to accelerate market penetration. To ensure portfolio companies are not capital-starved, 60% of the investable corpus will be deployed for initial investments, while 40% will be reserved for follow-on rounds to support companies through the "Valley of Death" phase.
Natarajan Malupillai, Group CEO of IITM Research Park, stated that the fund will accelerate the scaling-up of mission-driven, globally competitive startups and strengthen India's culture of innovation and entrepreneurship. He added that India's deep tech ecosystem is at a pivotal moment, driven by supportive policies, sustained R&D investments, and strong entrepreneurial aspiration among the youth.
Prof V Kamakoti, Director of IIT Madras, announced the fund during the Inauguration of Entrepreneurship Summit 2026 at IIT Madras. He emphasized the crucial role of science and technology in India's growth story towards becoming Viksit Bharat 2047, focusing on technology sovereignty, AI, semiconductors, defense tech, and quantum technology. He also highlighted the need to reduce reliance on technology imports and strengthen indigenous capabilities, noting IIT Madras's decade-long commitment to this cause.
IITM Research Park has played a key role in translational research, commercialization, and nurturing deep tech startups across various sectors. By selecting Unicorn India Ventures as the Fund Manager, IITMRP aims to further strengthen the innovation ecosystem and accelerate the growth journey for startups. The fund is positioned as "patient capital" with a tenure of 10+2 years.