NASSCOM and ICICI Knowledge Park (IKP) promoted India Innovation Fund (IIF) bagged its first round of funds amounting Rs 40 crore from Bharti Airtel, TCS, IKP Trust and Department of Science & Technology (GoI).

IIF, a first of its kind national initiative, is an early stage fund and has been created to promote Intellectual Property (IP) driven innovations in frontier or emerging technologies through patient investments. IIF will also endeavor to encourage technology entrepreneurship to enable innovative start-ups to reach a stage of self sustenance and growth. The fund is targeted at early stage companies in the ICT and Life Sciences sectors.

IKPIMC has appointed former NASSCOM President Mr Kiran Karnik as the chairman of its board. The board also comprises of Dr. Bala Manian, a renowned serial entrepreneur with several successful start-ups in the US to his credit and Ms. Deepanwita Chattopadhyay, MD & CEO, IKP. The investments of the fund will be overseen by an investment committee constituted with eminent Industry experts such as Dr. Jai Menon, Director Technology & Customer Service Bharti Airtel, Mr. Sharad Sharma, former CEO Yahoo R&D India, Dr. Shrikumar Suryanarayan, Director General ABLE (Association of Biotechnology Led Enterprises), Government of India and other investor representatives.