US-based chipmaker NVIDIA has joined the India Deep Tech Alliance (IDTA) as a founding member and strategic technical adviser.
As an adviser, NVIDIA will help the IDTA integrate AI and computing technologies with scientific and engineering challenges, ET reported.
The company will also support the alliance in technical workshops, access to cutting-edge technology, collaborative research, and engagement through its Deep Learning Institute.
"Their (NVIDIA) joining as a strategic adviser is extremely valuable for us as investors and for startups, as they bring trends and insights from the cutting edge of technology," IDTA executive council member and Celesta Capital managing partner Sriram Vishwanathan told the publication.
In addition, the IDTA is also entering into the second phase of expansion, and has secured fresh capital commitments worth over INR 7,500 Cr (about $850 Mn). This comes on top of the initial $1 Bn funding pool announced earlier this year.
While NVIDIA has not made a direct financial investment, the IDTA is bringing on board several deep tech-focused investment firms such as Activate AI, InfoEdge Ventures, Kalaari Capital, Qualcomm Ventures, Singularity Holdings VC, and YourNest Venture Capital.
These firms will contribute long-term, thesis-driven capital, mentorship, and market access for India's deeptech startups, the report said.
The IDTA was launched in September by eight prominent India and US-based VC firms to invest in Indian deeptech startups. It is aimed at mobilising private capital and expertise to build category-defining deeptech companies from India to serve the world and strengthen the US-India corridor.
Accel, Blume Ventures, Gaja Capital, Ideaspring Capital, Premji Invest, Tenacity Ventures, and Venture Catalysts are among the other members of the IDTA.
Each member will invest capital in the India deeptech space over the next 5-10 years across sectors like semiconductors, spacetech, quantum computing, robotics, AI, biotech and medical devices, energy and climate, and more.
The development comes at a time when India is steadily increasing its investments in deep tech, recognising its potential to drive innovation and self-reliance across sectors like AI, robotics, semiconductors, quantum computing, and space technology.
Earlier this week, Prime Minister Narendra Modi launched the INR 1 Lakh Cr R&D fund, which was approved by the Union cabinet in July, for sunrise sectors.