India-based digital marketing software provider iCubesWire has launched a $3m innovation fund that will search for early-stage technology startups, Businessworld has reported.
The fund will target companies in the artificial intelligence and progressive automation sectors, driving development of products that align with iCubesWire’s own corporate philosophy.
The company plans to make six investments from the fund within the current Indian fiscal year, which ends on March 31, 2018.
Each commitment will be sized at between $500,000 and $700,000, and iCubesWire will look to partner other investors with similar goals. It could potentially also use the fund for acquisitions.
Sahil Chopra, founder and CEO of iCubesWire said: “With this fund, we aim to hone the potential of upcoming ideas and help them achieve greater heights. Next-gen solutions will be impeccably beneficial for the digital ecosystem and will create an environment full of innovativeness and brilliance.”