Chennai-based venture capital firm Bluehill.VC has announced the final close of its maiden frontier-tech fund at Rs 400 crore, including a Rs 50 crore greenshoe option. The fund has received backing from institutional investors including SIDBI, the governments of Kerala and Uttar Pradesh, family offices, founders and UHNIs from India and the Middle East. The fund will invest in startups working on technologies across defence, semiconductors, space, energy, advanced materials, manufacturing, robotics, water, EVs, nuclear and IoT. Bluehill.VC plans to build a portfolio of 15-16 companies and will invest an average first cheque of $1-2 million from seed to Series A. The firm has already invested more than Rs 100 crore across seven companies. Its portfolio includes EtherealX, Zebu Intelligent Systems, Helex, Sophrosyne Technologies and optoML. Bluehill.VC plans to deploy another Rs 80 crore over the next six months into startups developing proprietary technologies. The firm follows an invest-and-build approach, working with founders from the early stages of their businesses. Founded in 2024 by Manu Iyer and Sridhar Parthasarathy, Bluehill.VC plans to launch its next fund in 2027 as it continues to invest in Indian frontier-tech companies.

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