IDLC Venture Capital Fund I is set to invest Tk4 crore in Intelligent Machines Limited (IM), an AI (artificial intelligence)-first deep-tech startup that provides solutions to enterprise clients.
This investment is part of IDLC VC Fund - I which is managed by IDLC Asset Management Limited, a wholly-owned subsidiary of IDLC Finance Limited.
Launched in March 2020, IDLC VC Fund I is a Tk45-crore venture capital fund that invests in technology-based and high-growth startups in Bangladesh, said a media statement issued on Tuesday.
The country has witnessed the emergence of a startup culture in the early 2012, and inspired by that IDLC took the courageous step to launch the first-ever VC Fund in the country.
Arif Khan, CEO of IDLC Finance Limited, said, "As the largest NBFI in Bangladesh for the last 35 years, we always thrived for new business opportunities. IDLC have always supported local businesses, be it large or small and pioneered multiple product categories."
"As a nation, we are cultivating the digital revolution. This investment is also not any exception, and we are delighted to be part of this. We will not be limiting ourselves to capital investment but extend guidance to the tech entrepreneurs too."
The current funding round will support their expansion in the Enterprise AI sector, where they have been serving an eminent range of clients such as bKash, BAT, Unilever, Arla Foods, Telenor Myanmar, and IDLC Finance.
IDLC Finance Limited, the parent entity within IDLC Group, had previously invested in Chaldal with International Finance Corporation (IFC) as a co-investor.