IIT Madras Research Park, and Unicorn India Ventures have secured Rs.450 crore in the initial closing of the IITM Unicorn Frontier Fund-I, a Rs.1,000 crore fund aimed at early-stage deeptech startups.

The initial close was accomplished within three months of obtaining the Securities and Exchange Board of India (SEBI) approval. The fund aims to finalize its close by December 2026, with a Rs 400 crore greenshoe option potentially increasing the total corpus to Rs 1,000 crore.

The fund has already invested almost Rs.55 crore into four startups: Hathor, Quanstra, Triolt Energy, and Carbelim.

The fund aims to create a portfolio of 25 startups, investing an average of Rs 15-25 crore in each company. The majority of its investments will target early-stage deeptech firms that have achieved Technology Readiness Level (TRL) 3-4.

The four startups that have secured funding are focused on space, quantum technology, energy, and carbon capture.

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Hathor, located in Chennai, is creating semi-cryogenic and cryogenic rocket engines for companies launching small and medium satellites.

Quanstra, situated in Delhi, is working on systems for detecting single photons and quantum instrumentation intended for both research and industrial uses in quantum applications.

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Triolt Energy is creating lithium-ion battery cells for drones and rapid electric mobility charging, whereas Carbelim is working on bio-integrated carbon capture and air purification systems utilizing unique microalgae technology.

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“At IIT Madras, we have established an ecosystem that has fostered numerous deep tech firms that have consistently shown TRL advancement and, with a collaborative fund alongside top deep tech investors Unicorn India, we are now assured that these companies will gain both access to patient capital and strategic growth support,” stated Prof. Kamakoti Veezhinathan, Director of IIT Madras.