The lines between tech and deeptech are fast blurring across the world and India is no exception. Deeptech is very much a part of our everyday lives today. Every business leverages advanced technologies like artificial intelligence (AI), machine learning, the Internet of things (IoT), big data and robotics. This has pushed the industry to the fore. According to news reports, India has more than 3000 deeptech startups, catering to different industries and consumers. Besides this, most startups today use deeptech in some aspect or the other.
Many global macro conditions have also come as a blessing for India's deeptech industry. To quote an example, the pandemic has increased tech adoption and has resulted in an increased awareness towards sustainability. This has opened up doors for more deeptech use cases in the electric vehicle (EV) and climate change sectors. Many deeptech startups are thus able to find the right product-market fit in India today. Despite that, we see a slowdown in funding for the sector. Even before the inception of funding winter, we didn't see many Series B and above funding.
"Deeptech companies require a lot of funding, even ChatGPT got funded by a consortium of investors. But what we saw in the COVID era were astronomical valuations, and right now, the investors are more cautious towards profitability, unit economics and operational profitability. So, that's why we are getting some blurry picture out there when we are saying that the investments are going less in deeptech companies," said Vyom Bhardwaj, founder, Muoro.io. He was talking at the recently concluded Entrepreneur India's Tech & Innovation Summit 2023 in Bangalore.
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