AI Companies Lead Peak XV’s Initiative to Support Startups
Peak XV Partners, a venture capital firm, has announced that the majority of startups in its accelerator program are focused on AI and deep tech. This comes as investors worldwide compete to invest in these types of companies at an early stage.
Peak XV, formerly known as Sequoia Capital India & Southeast Asia, said the latest Surge cohort includes 13 startups, 10 of which are in AI and deep tech. Seven of the startups are from India, four from Southeast Asia and two from Australia, the fund said on Monday.
The startups are in a variety of fields from advanced manufacturing, quantum computing, climate engineering and health technology and will receive up to $3 million in capital.
“If 1999 was the start of the consumer internet era, then 2023 will be the start of the AI era,” Peak XV CEO Shailendra Singh said in a phone interview. “The past six months have been pivotal as AI systems have proven effective and can be used to build critical applications.”
Peak XV is actively exploring making AI investments, Singh said, adding “we are in the early days of a multi-year AI trend.”
After the Indian and Chinese units separated from the Silicon Valley parent company, both Asian units have global goals. Peak XV, which has managed more than $9 billion of capital across 13 funds since its inception as Sequoia’s regional unit, has widened its search across the Asia-Pacific region to invest in Australian startups following the split.
It is now looking for office space in Silicon Valley, where Sequoia is headquartered. Peak XV has made its first lease in the U.S., said Singh, who oversaw its separation from the Silicon Valley giant this summer. The latest accelerator group will spend time in the U.S. building networks and understanding the market, he said.
Surge’s newest group includes Indian chip startups Mindgrove Technologies and InCore Semiconductors, which aim to capitalize on the country’s ambitions to become a semiconductor hub. Another startup, Singapore’s Pix.ai, helps content creators produce high-quality anime art using an AI-powered anime generator.
