US chip giant Nvidia has reportedly joined the ranks of Indian and US investors in backing Indian high-tech startups.
The group has secured over $850 million (RM3.56 billion) in capital commitments to bridge the funding gap in the research-based sector.
New investors joining the India Deep Tech Alliance include Qualcomm Ventures, Activate AI, InfoEdge Ventures, Chirate Ventures and Kalaari Capital.
It was launched in early September and adds to an initial commitment of $1 billion to support companies in industries such as aerospace, semiconductors, AI and robotics.
As a founding member and strategic advisor to the alliance, Nvidia will provide technical guidance, training and policy input to help Indian startups use its computing and artificial intelligence tools.
The move is seen as an effort to address the chronic funding shortage among R&D-based startups, which often struggle to raise venture capital due to long development times and uncertain profitability.
This initiative also follows the Indian government's launch of a $12 billion plan to strengthen research and development, thus supporting the country's transition from a service economy to high-tech manufacturing.
