IDLC Venture Capital Fund I is investing Tk 40 million 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 (Venture Capital) Fund- I which is managed by IDLC Asset Management Limited, a wholly-owned subsidiary by IDLC Finance Limited.
Launched in March 2020, IDLC VC Fund I is a Tk 450 million Venture Capital Fund that invests in technology-based and high-growth startups in Bangladesh. The country has seen the emergence of a Startup Culture beginning in 2012, and inspired by that IDLC took the courageous step to launch the first-ever VC Fund in the country, said a statement.
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. While speaking about the investment, Mohammad Oli Ahad, Founder and CEO of IM said, "We are greatly encouraged with this powerful association. Partnering with a highly respected team like IDLC who has led some of the pioneering industry standards in their fields would help us not only in immediate journey but also strengthening our process assets and organization culture."
IDLC Finance Limited, the parent entity within IDLC Group, had previously invested in Chaldal with International Finance Corporation (IFC) as a co-investor.
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