A $10 Billion Fund Just Upped Its Bet on AI Startups

Peak XV Partners, one of the biggest venture capital firms in India and Southeast Asia, just raised the amount of money it gives to young companies. Through its early-stage program called Surge, it will now invest up to $5 million per startup, up from $3 million. Its newest group, Surge 12, includes 18 companies, and Peak XV put more than $50 million into them.

So what are these companies actually building? The list spans AI, robots, space, healthcare, music, and finance. Alma is building a faster, cheaper personal computer. August AI combines AI with real doctors and already serves over 9 million users worldwide. Ditto is an AI matchmaker that lives inside iMessage, helping college students turn chats into real dates. Another, HiLoop, helps AI companies adapt open-source models for specific jobs.

Why is Peak XV writing bigger checks? Managing director Rajan Anandan says the bar to raise a follow-up round has risen sharply, and newer "deeptech" companies — think robots and satellites — simply need more cash to get off the ground. The batch is also more global than ever, with founders from San Francisco to Sydney. Only five of the 18 target India specifically, while 13 aim at worldwide customers.

For you, this is a peek at what's coming. Money flowing into these startups today often becomes the tools, apps, and services you use in a year or two — from AI health checkups to smarter dating apps to cheaper computers. Since 2019, Surge has backed over 180 startups, and its ten biggest now pull in more than $1 billion in combined yearly revenue.