Aroa Venture Partners · In partnership with the Polsky Center
Backing India's deep tech founders, from lab to global markets.
The Aroa Chicago Deep Tech Fund is a $25M fund investing in Indian deep tech startups with a new cohort every year for the next five years. Every finalist gets $100K, with up to $900K more in follow-on, plus an 8–10 week virtual accelerator run by the University of Chicago's Polsky Center.
- Fund size
- $25M
- A new cohort every year
- 5 yrs
- To every finalist
- $100K
- Max per company
- $1M
The Fund
Capital built for the long road from lab to market.
India produces world-class engineers and a growing wave of research-led startups from the IITs and other institutions. But deep tech companies take longer to build and need more patient capital than software startups, and early-stage deep tech capital in India is still scarce.
The Aroa Chicago Deep Tech Fund pairs early-stage investment with an accelerator run by the Polsky Center at the University of Chicago. Indian founders get the capital, the commercialization expertise, and a bridge to US customers and investors.
$100K initial investment
Every finalist selected into a cohort receives a $100K investment from the fund.
8–10 week virtual accelerator
Run by the Polsky Center, covering commercialization, fundraising, and company building.
Up to $900K follow-on
Companies that hit milestones are eligible for up to $900K in additional investment, for up to $1M in total.
The Accelerator
Eight to ten weeks. Fully virtual. Powered by Polsky.
The Polsky Center for Entrepreneurship and Innovation at the University of Chicago runs the accelerator, connecting founders with mentors, industry partners, and investors from across its network.
Weeks 1–2
Foundations
Customer discovery, problem framing, and translating research into a venture thesis.
Weeks 3–5
Commercialization
IP strategy, go-to-market for technical products in India and the US, pricing, and early pilots.
Weeks 6–8
Capital & Company Building
Fundraising across India and the US, grants and non-dilutive funding, hiring, and governance.
Weeks 9–10
Demo Day
Pitch to investors and corporates from the Polsky Center's Chicago network and the Indian ecosystem.
Curriculum shown is illustrative and will be finalized with the Polsky Center ahead of each cohort.
Cohorts
Proven with our inaugural cohort. Now a new cohort every year for five years.
Our inaugural cohort, the UChicago India Deep Tech Accelerator, ran from April to June 2026 with FITT at IIT Delhi, SINE at IIT Bombay, and IIT Madras Research Park, three of India's leading university innovation hubs. Building on it, the $25M fund will back one new cohort of Indian deep tech founders every year from 2027 to 2031.
Where it began
2026
Inaugural Cohort
UChicago India Deep Tech Accelerator, April–June
Meet the companies →Aroa Chicago Deep Tech Fund · $25M · 2027–2031
2027
Cohort 1
Applications opening soon
2028
Cohort 2
Upcoming
2029
Cohort 3
Upcoming
2030
Cohort 4
Upcoming
2031
Cohort 5
Upcoming
From Our Inaugural Cohort
Ten companies turning Indian research into global products.
Founders from the 2026 UChicago India Deep Tech Accelerator, building across energy, healthcare, industrial AI, climate, and security.
Augle.AI
Industrial AIMachine vision for industrial quality inspection. Combines sensors, edge AI, and robotics to automate inline inspection for automotive, solar glass, electronics, and metals manufacturers.
Mumbaiaugle.ai ↗
BioSky Space Innovations
EnergySatellite-AI grid intelligence for renewable energy. Fuses satellite imagery, weather data, and AI to cut forecasting errors, grid losses, and curtailment for producers and utilities.
New Delhibiosky.tech ↗
Cerify
CybersecurityNeuro-symbolic AI for smart contract security. Pairs AI with formal verification to detect, patch, and certify smart contract vulnerabilities within a day.
Delhicerify.ai ↗
MedevPlus
MedTechPortable OCT devices for point-of-care retinal imaging. Patented self-aligning technology brings hospital-grade screening for glaucoma and diabetic retinopathy to clinics and remote camps.
Bangaloremedevplus.com ↗
Nuevata Innovations
Surgical TechAI-powered intelligence for the operating room. Lightweight headgear captures multi-angle surgical video for real-time guidance, tele-surgical collaboration, and post-operative analytics.
Hyderabadnuevata.com ↗
Pradivya
Industrial AIMulti-sensor AI for industrial inspection and infrastructure safety. Patented fusion of video, voice, and vibration delivers real-time defect detection across rail and manufacturing.
Gurgaonpradivya.com ↗
Project DART
HealthTechCitation-grounded AI for neurological and clinical data. Fuses EEG, MRI, and other neurological data into causally structured reports built for high-stakes medico-legal use.
Suratproject-dart.org ↗
Torus Motion
Climate TechHigh-efficiency axial flux motors for electrified machines. Compact, lightweight motors with AI-based controllers for EVs, industrial HVAC, robotics, and agricultural equipment.
Chennaitorusmotion.com ↗
TriNANO Technologies
SolarNano coatings for solar panels. A proprietary electro-deposition process applies ceramic-oxide coatings uniformly, boosting power output and panel lifespan while lowering maintenance costs.
Mumbaitri-nano.co ↗
Zodhya Technologies
EnergyAI-driven energy optimization for commercial and industrial facilities. Cuts energy use, costs, and emissions by optimizing HVAC and electrical systems without major infrastructure changes.
Hyderabadzodhyatech.com ↗
Investment Focus
Hard problems. Defensible technology. Built in India for the world.
Semiconductors & Electronics
Chip design, power electronics, sensors, and the hardware riding India's semiconductor push.
Space & Defence Tech
Launch, satellites, earth observation, and dual-use technologies from India's fast-growing space sector.
AI & Compute Infrastructure
Applied AI, edge compute, and systems software built by India's world-class engineering talent.
Energy & Climate
Storage, electric mobility, green hydrogen, and grid technologies for the energy transition.
Advanced Manufacturing & Robotics
New materials, industrial automation, and robotics that make manufacturing smarter and more competitive.
Life Sciences & MedTech
Diagnostics, medical devices, and platform biology that can serve India and the world.
Partners
Three roles. One path from Indian lab to global market.
The initiative brings together a dedicated deep tech investor, the University of Chicago's entrepreneurship center, and three of India's leading university innovation hubs, each playing a distinct role.
Invest
General Partner
Aroa Venture Partners
Founded in 2020, Aroa is a founder-led venture firm with 40+ investments across India's startup ecosystem. It selects and backs every company in the program, from first cheque through follow-on.
- Leads selection of each cohort's finalists
- Invests $100K in every finalist
- Leads follow-on investment of up to $900K per company
- Capital partner to the 2026 UChicago India Deep Tech Accelerator
Accelerate
Anchor LP & Accelerator Partner
Polsky Center for Entrepreneurship and Innovation, University of Chicago
Runs the accelerator and opens the University of Chicago's entrepreneurship network to Indian founders.
- Runs the 8–10 week virtual accelerator
- Connects founders with mentors, corporates, and US investors
- Anchor limited partner in the fund
- Member of the LP Advisory Committee
Source
Inaugural Cohort Partners
FITT, IIT Delhi
SINE, IIT Bombay
IIT Madras Research Park
Three of India's leading university innovation hubs, connecting the program to research-led startups.
- Foundation for Innovation and Technology Transfer, IIT Delhi
- Society for Innovation and Entrepreneurship, IIT Bombay
- IIT Madras Research Park
- Partnered on the 2026 inaugural cohort
Team
The people behind the initiative.
Aroa Investment Team
- GG
Gaurav Gulati
Founder & Managing Partner
MBA, Chicago Booth
- PC
Pakhi Chaturvedi
Associate Vice President
Polsky Center Team
- SM
Samir Mayekar
Managing Director
- SM
Shyama Mazumdar
Senior Director
- RS
Rahul Singhal
Associate Director
Faculty Advisors
- SG
Prof. Supratik Guha
Faculty Director, The University of Chicago Center in Delhi
Professor, UChicago Pritzker School of Molecular Engineering
Senior Advisor to Argonne Physical Sciences and Engineering
FAQ
Questions
Who should apply?+
Indian founders building deep technology companies rooted in scientific or engineering breakthroughs. Teams spinning out of IITs, IISc, and other research institutions and labs are especially encouraged to apply.
How much does the fund invest?+
Every cohort finalist receives a $100K investment. Companies that show strong progress are eligible for follow-on investment of up to an additional $900K, for a total of up to $1M per company.
Is the accelerator in person?+
No. The 8–10 week accelerator is delivered virtually by the Polsky Center for Entrepreneurship and Innovation at the University of Chicago, so founders can take part from India while they keep building with their teams and customers.
Do I need to be affiliated with an IIT?+
Our 2026 inaugural cohort was run with FITT at IIT Delhi, SINE at IIT Bombay, and IIT Madras Research Park. Eligibility criteria for each cohort will be published when applications open. Get in touch to be notified.
When do applications open?+
Building on the 2026 inaugural cohort, the fund will back a new cohort every year from 2027 to 2031. Dates for Cohort 1 will be announced here. Get in touch to be notified.
Building deep tech in India?
Applications for Cohort 1 open soon. Sign up to be notified, or to get involved as a mentor, university partner, or corporate partner.