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INDIA-U.S. DEFENSE ACCELERATION ECOSYSTEM (INDUS-X)
During the historical state visit by Prime Minister Narendra Modi, a significant milestone was achieved with the launch of the IndUS-X event. This event was initiated to strengthen the multifaceted relationship between India and the U.S., particularly in pivotal domains like technology, defense, and investment. With the overarching goal of enhancing the India-U.S. partnership outlined during iCET and INDUS-X, the Indus Tech Council presents an investment tracker. This tracker spans the years 2015 to 2023 and highlights a series of investment transactions involving Indian and American firms. These transactions encompass investments made by U.S. entities in Indian companies, Indian entities in U.S. companies, and collaborations within both Indian and American companies. Notably, these investments have been undertaken by a range of investors from major corporations to venture capital firms and underscore the robust landscape of innovation and entrepreneurship across industries such as robotics, aeronautics, artificial intelligence, data security, aerospace, and many more.
|Year (investment made)||Investor (who is investing)||Company (who is recieving funds)||Quantum (Dollar value of investments) $ (Million)||Status||Industry||Company type||Remarks||Location||State||Country||Source link|
|2023||Pratt and Whitney||Pratt and Whitney India||36,00||Scaling Operations||Aeronautics and Defense (Dual Use)||US Prime subsidiary in India||$36mn investment in India Engineering Center||Bengaluru||Karnataka||India||https://www.prattwhitney.com/en/newsroom/news/2022/07/18/pw-to-open-india-engineering-center-in-2023|
|2023||Google Capital||Pixxel||36,00||Series-B funding||Aerospace||US Prime||Google is part of a $36 million funding round for Bengaluru-based Pixxel, a satellite-image startup||Bengaluru||Karnataka||India||https://www.businesswire.com/news/home/20230601005180/en/Pixxel-Raises-36-Million-in-Series-B-Funding-to-Advance-Hyperspectral-Satellite-Constellation-and-Data-Platform|
|2023||Lightspeed Venture Partners||Pixxel||36,00||Series-B funding||Aerospace||US Venture capital firm||Raised $36 million in Serires B round funding||Bengaluru||Karnataka||India||https://www.crunchbase.com/organization/pixxel-81c6/company_financials|
|2023||Goldman Sachs||IdeaForge||72,00||Venture round||Aerospace||US Prime||Raised $72 million in venture round||Mumbai||Maharashtra||India||https://www.crunchbase.com/funding_round/ideaforge-technology-series-unknown–aafe8b5a|
|2022||Collins Aerospace||Collins Aerospace India||200,00||Scaling Operations||Aerospace & Defense||US Prime subsidiary||$200mn Investment in India||Bengaluru||Karnataka||India||https://www.collinsaerospace.com/news/news/2022/12/collins-aerospace-opens-new-engineering-global-operations-center-india|
|2022||Accenture Ventures||Pixxel||25,00||Series-A funding||Aerospace||US Prime||$25 million Series A funding round the company announced in March 2022||Bengaluru||Karnataka||India||https://newsroom.accenture.com/news/accenture-invests-in-hyperspectral-satellite-company-pixxel-to-monitor-earths-health.htm|
|2022||Sequoia Capital SEA||Digantara||10,00||Series-A1 funding||Aerospace abd Satelite management||US Venture capital firm||$10 million Series A1 funding||Bengaluru||Karnataka||India||https://techcrunch.com/2023/06/20/digantara-funding-peak-xv-partners/|
|2022||Sherpalo Ventures||Skyroot Aerospace||45,00||Series-B funding||Aerospace||US Venture capital firm||$4.5 million Series B funding from Sherpalo Ventures||Hyderabad||Telangana||India||https://www.moneycontrol.com/news/business/startup/skyroot-raises-4-5-million-led-by-early-google-investor-ram-shriram-7992051.html|
|2022||Rocketship vc||Agnikul||20,00||Series-B funding||Aerospace||US Venture capital firm||$20 million Series B funding from Rocketship vc||Chennai||Tamilnadu||India||https://inc42.com/buzz/exclusive-agnikul-raises-20-mn-funding-from-rocketship-vc-valuation-zooms-5x-to-180-mn/#:~:text=Spacetech%20startup%20Agnikul%2C%20incubated%20at,%24125%20Mn%20in%20July%2C%202022.|
|2022||Inclusive Ventures||K&K Industries||1,00||Seed round funding||Defense||US Venture capital firm||Raised $12.15K in seed round funding||Hyderabad||Telangana||India||https://www.crunchbase.com/organization/k-k-industries/company_financials|
|2022||Tiger Global Management||Vecmocon Technologies||49,00||Seed round funding||Deep Tech||US Venture capital firm||Raised $4.9 million in Seed round funding||New Delhi||Delhi||India||https://www.crunchbase.com/organization/vecmocon-technologies|
|2022||Wadhwani AI||1,00||Grant||Artificial Intelligence||US Prime||Grant to Wadhwani AI||Mumbai||Maharashtra||India||https://www.crunchbase.com/organization/wadhwani-ai/company_financials|
|2022||Rocketship.vc||Agnikul||20,00||Series-B funding||Aerospace||US Venture capital firm||Raised $20 million in Series-B funding||Chennai||Tamilnadu||India||https://www.crunchbase.com/funding_round/agnikul-cosmos-series-b–0ea75bfa|
|2021||Techstars||Peer Robotics||12,00||Seed round funding||Mobile robotics development||Indian Venture capital firm||Raised $2.3 million in Seed round funding||Gurugram||Haryana||India||https://www.crunchbase.com/funding_round/peer-robotics-seed–e0ac68f9|
|2021||Mayfield Fund||Agnikul||11,00||Series-A funding||Aerospace||US Venture capital firm||Raised $11 million in Series A funding||Chennai||Tamilnadu||India||https://www.crunchbase.com/funding_round/agnikul-cosmos-series-a–78f54d4a|
|2020||Omidyar Network||Axio Biosolution||52,00||Series-B funding||Defense medical and surgical solutions||US Venture capital firm||Raised $5.2 million in Series B funding||Ahmedabad||Gujarat||India||https://www.crunchbase.com/organization/axio-biosolutions-private-limited/company_financials|
|2019||Techstars||Pixxel||68,00||Pre-Seed round funding||Aerospace||US Venture capital firm||Raised $680K in Pre-Seed funding||Bengaluru||Karnataka||India||https://www.crunchbase.com/funding_round/pixxel-81c6-pre-seed–f64357ca|
|2017||Celesta Capital||Tonbo Imaging||7,00||Series-B funding||Defense Imaging||US Venture capital firm||Raised $7 million Series-B funding||Bengaluru||Karnataka||India||https://www.crunchbase.com/organization/tonbo-imaging/company_financials|
|2017||Walden Riverwood Ventures||Tonbo Imaging||17,00||Series-B funding||Defense Imaging||US Venture capital firm||Raised $17 million in Series B funding||Bengaluru||Karnataka||India||https://www.crunchbase.com/organization/tonbo-imaging/company_financials|
|2017||Keiretsu Forum||Aadyah Aerospace||1,00||Seed round funding||Aerospace||US Venture capital firm||Raises $1 million in seed round funding||Bengaluru||Karnataka||India||https://www.crunchbase.com/organization/aadyah-aerospace/company_financials|
|2017||Celesta Capital||IdeaForge||52,00||Series-B funding||Aerospace||US Venture capital firm||Raised $5.2 million in Series B funding||Mumbai||Maharashtra||India||https://www.crunchbase.com/funding_round/ideaforge-technology-series-b–8e5f1a8e|
|2016||Accel||Axio Biosolutions||21,00||Series-A funding||Defense medical and surgical solutions||US Venture capital firm||Raised $2.1 million in Series A funding||Ahmedabad||Gujarat||India||https://www.crunchbase.com/organization/axio-biosolutions-private-limited/company_financials|
|2016||Celesta Capital||IdeaForge||10,00||Series-A funding||Aerospace||US Venture capital firm||Raised $10 million in Series A round funding||Mumbai||Maharashtra||India||https://www.crunchbase.com/funding_round/ideaforge-technology-series-a–31f78fe9|
|2015||General Electric||Welspun Energy||165,00||Private Equity Round||Elergy Company||US Prime||Private Equity acquired at $165 million investment||New Delhi||Delhi||India||https://www.crunchbase.com/funding_round/welspun-energy-private-equity–d0c92210|
U.S. investment in India (2015- 2023)
The time period chosen is crucial as in 2015 an expansion of the ten-year defense agreement renewed, the designation, which became law in August 2018, means that India will enjoy some of the benefits of being a U.S. treaty ally, such as access to defense technology, though the alliance is not a formal one. In 2016, U.S recognizes India as a major defense partner.
The investment data shows significant U.S. investments in diverse Indian sectors. Notable examples include Pratt and Whitney’s $36 million investment in India’s aeronautics, Google Capital’s support for Pixxel’s aerospace growth, and Collins Aerospace’s $200 million allocation for Collins Aerospace India. These investments extend to defense, energy, and technology sectors, reflecting collaboration, innovation, and economic ties between the U.S. and India.
India investment in United States
From 2015 to 2023, Indian ventures engaged in cross-border investments within the U.S. tech sector. PremjiInvest’s involvement in Anaplan’s Series-F funding in 2017 and Windrose Capital’s backing of U.S. AI firm Precily, Inc. in 2019 exemplify such endeavors. In 2021, The Chennai Angels and Exfinity Venture Partners extended investments to U.S. AI through NimbleBox.ai and Deep Vision. The trend persisted in 2022, with Peak XV Partners and Kalaari Capital supporting data science, AI, and robotics. By 2023, Kalaari Capital and IvyCap Ventures were endorsing U.S. AI startups. Reliance Strategic Business Ventures’ investment in Exyn underscored India’s expanding tech footprint abroad.
Domestic investment within U.S. and India
From 2016 to 2023, diverse investments span various sectors in both the U.S. and India. Early support for SP Robotic Works and Kalaari Capital’s aerospace focus kick off the timeline. Continuing momentum includes AI investments by Accel India and Exfinity Venture Partners in 2022. In 2023, Peak XV Partners fund across sectors—Ethereal Machines, Pixxel, Incore Semiconductors, and 3one4 Capital’s Ripplr investment. This dynamic data signifies innovation and collaboration in Indian industries. In the U.S., Bessemer’s Rocket Lab backing, defense investments in 2018, and Relativity Space’s funding in 2020 illustrate progress in aerospace, AI, and more, culminating in 2023 with investments in AI, data security, and quantum computing, showcasing innovation and collaboration in U.S. sectors.