In a significant boost for Karnataka's startup ecosystem, the state government has secured partnership with private venture capitalists who have committed Rs 430 crore to fund deep technology startups. The announcement was made by IT/BT Minister Priyank Kharge during the Bengaluru Tech Summit that commenced on Tuesday.
Massive Funding Injection for Deep Tech Sector
The Karnataka government's ambitious Deep Tech Decade initiative has attracted substantial private investment, with 16 venture capital firms agreeing to fund Rs 430 crore for 25 to 28 selected startups. This private funding comes as a matching contribution to the government's own allocation of Rs 663 crore set aside for promoting deep tech companies over the next few years.
Minister Kharge revealed that under this partnership, deep tech startups will receive minimum funding of Rs 2 crore and maximum funding of up to Rs 45 crore. The funding will support startups working in cutting-edge technologies including artificial intelligence, quantum computing, robotics, and other emerging deep tech domains.
Chief Minister's Vision for Karnataka's Tech Leadership
The three-day Bengaluru Tech Summit was inaugurated by Chief Minister Siddaramaiah, who extended a warm invitation to global companies, startups, academicians, and investors to make Karnataka their home. In his inaugural address, the Chief Minister emphasized the state's commitment to supporting technological innovation and research.
Our message to the world is simple and sincere: the Government of Karnataka is here to support you, stated Siddaramaiah. He assured that whether companies are establishing R&D centers, startups building prototypes, academicians conducting frontier research, or investors seeking transformative ideas, Karnataka provides the necessary infrastructure, skills, policy environment, and talent pipeline.
Beyond Bengaluru: Decentralizing Tech Growth
The Chief Minister highlighted Karnataka's pioneering role in launching India's first quantum technologies roadmap and emphasized the state's commitment to inclusive growth. Through the Beyond Bengaluru initiative, the government is consciously decentralizing the technology economy by developing tier 2 cities as next-generation innovation clusters.
Siddaramaiah asserted that Karnataka is not merely participating in the global tech revolution but leading it. He emphasized that the state offers everything businesses require, from research facilities to markets, and from infrastructure to quality talent. The government's approach recognizes that innovation thrives where quality of life thrives, making Karnataka an ideal destination for tech enterprises.
The partnership between the Karnataka government and private venture capitalists represents a significant milestone in the state's journey to strengthen its position as India's technology capital. This collaborative funding model is expected to accelerate innovation in deep tech sectors and create new opportunities for entrepreneurs across the state.
