Peak XV Partners’ Surge recently launched its ninth cohort focused on early-stage startups featuring 32 founders across 13 startups.
10 of the 13 startups were focused on AI and deeptech with companies in advanced manufacturing, quantum computing, and climate tech among others. Seven of the 13 startups are based out of India, four are from South East Asia, and two are based in Australia.
The Indian startups included in the cohort are Ethereal Machines, Elivaas, Incore, Mindgrove, Newtrace and ZeroK. Details of one of the seven startups is undisclosed.
Although the VC firm didn’t disclose details such as funding breakup, shareholding pattern and post-money valuation, startup data intelligence platform TheKredible sifted through the regulatory filings of these startups to decode all the crucial details.
Ethereal Machines, manufacturer of precision engineering components, raised around Rs 60 crore in its Series A funding round led by Peak XV’s Surge with an infusion of Rs 23.35 crore. Elimath Advisors and Ganapathy Subramaniam followed with an investment of Rs 7.5 crore each. A&E Investment, Blume Ventures, SAB Holdings, Saascorp Holdings and 9Unicorns were other who participated in the round.
The company has been valued at around Rs 175-190 crore after the capital infusion. The company is yet to receive around Rs 16 crore in this round and the shareholding and valuation is as of the first tranche of Series A funding round. As per the documents filed with the RoC, the company has received only Rs 43.7 crore out of the total Series A funding round.
The company has received only Rs 43.7 crore out of the total Series A round and is yet to receive around Rs 16 crore. The shareholding and valuation is as of the first tranche of Series A funding round.
While Surge Ventures has captured 17.6% shares in the company, Elimath Advisors and Ganapathy Subramanian own 4.27% and 6.64% shares, respectively.
Villa and luxury apartment management startup, Elivaas raised $2.5 million in its seed round. Surge led the round with Rs 16.4 crore followed by Naveen Kukreja and Neetu Gujral who invested Rs 1 crore each.
While Anant Kumar and Kunal Shah contributed Rs 50 lakhs and Rs 35 lakhs respectively, Mohit Gupta, Amit Lakhotia, Parag Aggarwal, Toranj S Mehta, Santosh Mohan, and Ravi Singhvi invested Rs 25 lakh each.
The fresh capital infusion valued the company at Rs 91 crore. Surge’s parent company Peak XV Partners acquired 18% stakes in the company while Naveen Kukreja and Neetu Gujral got 1.6% shares each.
Provider of RISC-V-based processor solutions, Incore received an investment of Rs 24.6 crore from Peak XV Partners in its seed funding round. Following this, the company’s valuation stands at Rs 168 crore.
Post-allotment of the round, co-founders – G S Madhusudan, Neel Gala and Arjun Menon diluted their stakes to 23.4% each while Peak XV Partners acquired 14.63% shares of the company.
Founded in 2021, Mindgrove raised Rs 19.1 crore in Surge’s 9th cohort. While Peak XV Partners led the round with Rs 16.4 crore, it also saw participation from Special Invest, Whiteboard Capital, and Nischay Goel putting in smaller amounts of Rs 1.5 crore, Rs 0.8 crore, and Rs 0.28 crore respectively.
The AI startup accumulated over Rs 19 crores in its maiden round and was valued at Rs 60 crore post the cohort. Peak XV holds 27.31% of the company shares, just a second to the 44.46% held by the CEO and co-founder T.R. Shashwath. Special Invest and whiteboard Capital hold 2.46% and 1.31% respectively.
Bengaluru-based Newtrace raised a total of Rs 46.91 crore in its seed round led by Peak XV Partners. While Surge’s parent entity put in a total of Rs 22.84 crore, other venture capitals like Aavishkaar Capital, and Speciale Invest invested Rs 9.22 crore and Rs 7.55 crore respectively. Micelio, Ashish Goel, and IKP Knowledge Park were others that invested a significant amount in the round.
Speciale Invest has 12.65% of the company shares post the round, making it the VC with the most number of shares in the company. Subsequently Peak XV Partners held 11.16% and Aavishkaar Capital held 4.50% of Newtrace’s shares.
Currently, the company’s valuation stands at Rs 204.7 crore. So far, the climate tech company has raised a total of Rs 54.7 crore over 2 funding rounds.
ZeroK, which offers troubleshooting solutions to developers, is based out of the US, hence the details about the company could not be ascertained.
Led by Varun Ramamurthy Dinakar, Mudit Krishna Mathur, Shivam Nagar and Samyukktha Thirumeni, ZeroK is an AI platform that helps developers troubleshoot production incidents faster. ZeroK is an Observability copilot that intelligently performs checks to guide developers to root causes faster, reducing downtime.