Investment in deep tech of India has risen to its all time best $247.8 million so far this year where in 2017 it was only $96.8 million. The investment amount went up by 2.5 times specially in artificial intelligence (AI), machine learning and robotics based startups.
Grey Orange, valued at $500 million, raised the highest amount of funding which is $140 million in a Series C from Mithril Capital and others. Concept Medical, a health startup, raised $60 million which is the second biggest tech deal this year.
The reason for this growth in deep tech investment is reported to be the growing number of talents in tech industry. Mint reported that investment in health tech will cross $510 million this year as it is believed to be an untapped market with huge growth potential.
Deep tech is terminology for advanced technology used to develop new business models.