Bessemer looks for IT disruptor AI startups

Firm evaluates 20-30 startups weekly, aims to invest $3-6 mn initially

- Rwit Ghosh

Bessemer Venture Partners is eyeing pre-seed, seed, and early-stage investments in artificial intelligence companies that aim to disrupt India's $283-billion information technology services sector, according to a top executive at the global investment firm.

"About 95% of our conversations are with early-stage founders, but that's because these are very early days of the disruption of the market," Nithin Kaimal, partner and chief operating officer at Bessemer Venture Partners India, told Mint.

Bessemer evaluates 20-30 companies working in the AI for information technology (IT) services sector every week. The firm is comfortable offering up anything between $3 and $6 million, according to Kaimal. “This is enough for them to get things off the ground and get their first set of clients. If they're scaling well and are successful, we have no problem writing another cheque.”