This is the Deep Tech Decade for Karnataka: State IT Minister Priyank Kharge

Ahead of the 28th edition of the Bengaluru Tech Summit (BTS), to be held from November 18 to 20, the government of Karnataka announced a deep tech fund of over ₹600 crore. 

While the government is investing the said amount, it is also in discussions with leading venture capital firms to create a joint fund of up to ₹1,000 crore, as announced by Priyank Kharge, IT minister of Karnataka. 

“Our blueprint is ready, and we are serious about being global players in the technology landscape,” he said in a press conference held on November 3. “We are announcing what we call the deep tech decade for Karnataka,” he added. 

The ₹600 crore fund is strategically distributed across several key categories. 

₹150 crore has been allocated to the Deep Tech Elevate Fund, which is specifically designed to support AI and other frontier technologies. 

Another ₹80 crore is dedicated to the Elevate Beyond Bengaluru Fund, fostering startups in Mysuru, Mangaluru, Hubballi-Dharwad, and Kalaburagi. 

The KITVEN Fund received ₹75 crore, offering equity-based investments ranging from ₹50 lakh to ₹2 crore for deep tech and AI startups. 

New incubators and accelerators at IIT Dharwad, IIIT Dharwad, and Kalaburagi are supported with ₹48 crore. 

Finally, ₹110 crore is designated for business incubators in higher education institutions, nurturing early innovation and entrepreneurship across 11 cabinet-approved institutions.

“For the first time in India, a state is allocating ₹600 crores [for deep tech],” said Kharge. 

Besides, it was also announced that the state government has ‘earmarked’ ₹200 crore for deep tech startups and will explore fund-of-funds or co-investment models with venture capital firms.

Alongside, the government also announced the ‘Future Makers Conclave’ at the upcoming BTS this month. The initiative aims to bring together 10,000 founders, entrepreneurs, investors, mentors, and ecosystem leaders. 

“The programme will include show-and-tell sessions by emerging technology ventures, keynotes

by celebrity speakers, unicorn founders, investors, and industry captains,” stated the government. 

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