Accel, Prosus to co-invest in science startups

Venture-capital firm Accel is partnering investment group Prosus to co-invest in early-stage Indian startups focused on breakthrough technologies including — robotics, advanced manufacturing, and artificial-intelligence (AI) applications.

- PEERZADA ABRAR

The firms will match investment up to $2 million each through Accel’s Atoms X programme, which targets businesses that require development cycles longer than traditional software startups do. They call these LeapTech companies.

“Technology is one way to achieve breakthroughs, but so are productand business-model innovations. We want to back ideas that create a step-function transformation in the market — in cost, access, or performance,” Pratik Agarwal, partner, Accel, told Business Standard.

The arrangement marks Prosus’ first global co-investment alliance of this type, as both seek exposure to companies that may take 10-15 years to mature but could dominate categories through technical differentiation.