01 · Hard to replicate
Deep science and engineering
IP-led companies whose R&D cannot be shortcut, even with unlimited capital.
SilverX Fund
Backing India's next generation of AI and deep-tech companies.
An early-stage venture fund for founders building where IP, infrastructure, regulation and domain expertise create a durable advantage.
StructureSEBI-registered Category II AIF
StageSeed+ to Series A/B
MarketIndia primary, global exits
PlatformFund II, after Silverneedle Ventures Fund I
Investment philosophy
Moats that capital alone cannot buy.
Every SilverX investment has to clear one test: would a well-funded competitor still struggle to copy it?
02 · High switching costs
Infrastructure and regulatory alpha
Mission-critical systems embedded in national and industrial networks.
03 · Neither side wins alone
Frontier tech and applied AI
Where physical systems, intelligence and workflow converge into one product.
04 · Context is the moat
Specialised domain expertise
Founders with a decade inside the problem, whose context keeps compounding.
Where SilverX invests
Two halves of one thesis.
Most of the fund goes into the hard layers. The rest backs the companies building on top of them.
~60% Deep tech
~40% AI-native
AI Infrastructure
Compute, data reliability and the systems under applied AI
Semiconductors & Materials
Chip design, packaging and advanced materials
Quantum
Hardware, control systems and early applications
Space & Defence
Satellites, launch and dual-use systems
Energy & Robotics
Grid, storage and autonomous machines
Enterprise AI
Vertical models and agents for real workflows
HealthTech
Diagnostics, devices and clinical AI
Fintech
AI-native financial services and infrastructure
Consumer tech
Products built for India's next billion users
Portfolio
Selected companies from Fund I, managed under the Silverneedle Ventures platform. Select a company for details.
Track record
Investing in Indian technology since 2012.
14
Years investing
150+
Investments
20
Exits
$185 Mn
Assets under management
2.6x
Fund I portfolio NAV*
2012
Partners begin investing in Indian technology
August 2022
Fund I launches under Silverneedle Ventures with a ₹76 crore corpus
2024
Fund I fully deployed in 24 months across 16 companies
March 2026
Fund I portfolio NAV reaches 2.6x on third-party valuation
2026
SilverX Fund II: ₹800 crore, plus a ₹400 crore green-shoe
*Fund I (Silverneedle Ventures, vintage August 2022) portfolio NAV in under three years, based on third-party valuation under IPEV guidelines as of March 2026. Past performance is not indicative of future results.
Fund details for LPs →Why SilverX
What sets SilverX apart.
Four things founders and LPs rarely find in one fund.
Early conviction
Backing founders at Seed+ and Series A, before consensus forms, with concentrated ownership in the companies that break out.
Technical depth
Partners and advisors from semiconductors, quantum, healthcare and enterprise AI assess the technology itself, supported by SilverX's own AI screening.
Beyond capital
Partners stay with each company through follow-on rounds, enterprise sales cycles and exit planning.
India for Global, Global for India
Access to India's emerging technology ecosystem with a global view on markets and exits, through venture partners in the US, the Middle East and Australia.
Value creation
Selective going in. Hands-on after.
Fewer than 2 in every 100 companies SilverX evaluated received a Fund I cheque.
- Evaluated
- 1,000+
- In pipeline
- 270+
- Backed in Fund I
- 16
Proprietary sourcing
Deal flow through IITs, research labs and deep-tech networks, long before a round is announced.
AI-assisted screening
Diligence on founder quality and exit pathways, supported by SilverX's own models.
Network
Introductions to customers, co-investors, government bodies and strategic partners across India, the Middle East and the US.
Portfolio support
Hands-on help through regulatory and enterprise sales cycles, with the exit pathway mapped from day one.
How SilverX works with founders →
With the partners
Investors who have built, scaled and exited.
Ajay Jain
Founder & Managing Partner
Twenty-three years as investor, operator and entrepreneur, from Intel and AMD to T-Hub.
Focus areasAI/ML, deep tech, defence, energy, semiconductors
View profile →
Dhiraj Kumar Sinha
Co-Founder & Managing Partner
Twenty-five years across venture capital and large corporate houses, with a focus on exits.
Focus areasM&A and exits, mobility, sustainability, climate tech
View profile →
Abishek Balendran
Partner
More than 11 years as a VC and PE investor, with exits from early to mature stage.
Focus areasConsumer tech, healthcare, AI/ML
View profile →SilverX Catalyst
Research and notes on Indian deep tech, every month.
Inside SilverX's
Deal Room
A monthly, invitation-only webinar. Three live opportunities from the SilverX funnel, and how each one is sourced, assessed and decided.
Institutional framework
Governed like an institution.
- Structure
- SEBI-registered Category II AIF
- Registration
- IN/AIF2/25-26/2027
- Investment manager
- SilverX Advisors LLP
- Trustee
- [●]
- Advisory and governance
- [●]
- Fund II
- ₹800 crore target, plus a ₹400 crore green-shoe
Contact
Write to SilverX.
Limited partners
For the fund overview, investor reports and a conversation with the partners.
Request access →