US-India Alliance Backs India Deep Tech

Undercover VC

Here's what's happening this week in the world of venture and private equity portfolio value creation: - U.S.-India VCs pledge $1B to India deep tech. - OpenLight raises $34M to push photonics into AI. - Korea VC pullback intensifies amid exit drought. - Draper Associates adds $200M for crypto dealmaking. - Venturi locks $150M with 1:1 co-invest rights.

⏱️THE MINUTE READ

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📌WEEKLY MUST-KNOWS

DEEP TECH POLICY
U.S. And Indian VCs Form $1B Alliance For India’s Deep Tech

Eight U.S. and Indian investors, including Accel and Premji Invest, created the India Deep Tech Investment Alliance with a pledged $1B+ over 5–10 years. The move aligns private capital with India’s new ₹1T RDI scheme and nudges founders to incorporate locally to access incentives. Early-stage deep tech startups, cross-border funds, and policy makers are central actors and beneficiaries.

AI INFRASTRUCTURE
OpenLight Raises $34M To Scale Integrated Photonics For AI Data Centers

OpenLight closed a $34M Series A co-led by Xora Innovation and Capricorn, completing its spin-out from Synopsys and accelerating a foundry-validated PDK for heterogeneously integrated III-V photonics. As AI-scale workloads push a shift from electrical to optical interconnects, the company’s 1.6–3.2 Tb/s reference PICs and 360+ patents position it as a key enabler. Hyperscalers, network OEMs, and semiconductor supply chains stand to be impacted.

ASIA CAPITAL MARKETS
Korean VCs Pull Back As Exit Windows Dry Up
South Korea’s startup ecosystem is facing its sharpest funding squeeze in a decade as VCs curb new investments amid a dearth of IPOs and M&A exits. Tight exit markets are pressuring valuations and liquidity assumptions across late-stage portfolios. Korean founders and global funds with Korea exposure need to recalibrate runway, syndication, and exit timing.

SPACE AND DEFENSE
Space Investing Goes Mainstream As Generalist VCs Pile In

Global venture investment in space tech hit $4.5B across 48 companies YTD, driven by lower launch costs, defense demand, and new applications from geospatial AI to in-orbit services. Generalist VCs are entering, betting on liquidity within standard fund horizons. Space startups, defense contractors, and dual-use platforms stand to benefit from broader capital and faster commercialization.

🧠LEADING VOICES

⚡QUICK READS

Draper Associates Closes $200M Fund 8: Fresh crypto-focused capital lands as U.S. stablecoin rules and Bitcoin highs accelerate deal velocity and custody/regulatory readiness needs.(More)

Venturi Partners’ Fund II First Close At $150M: Consumer growth specialist adds 1:1 co-invest rights, expanding check sizes and board-level value creation in India/SEA scale-ups.(More)

BizDateUp Launches Rs 1,000 Cr Pulse Fund I: AIF blends startups, SMEs, and selective real estate with venture studio support to smooth cash flows and diversify exit pathways.(More)

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