India-focused venture capital firm Pi Ventures has reached a second close for Pi Ventures Fund I with US$25 million in capital commitments. Investors in the fund include development finance institution IFC, which committed US$3 million, the Small Industries Development Bank of India, Canada-based investment firm In Colour Capital, India-based electronics company Hero Electronix and high-net worth individuals and family offices from the U.S., Canada, Singapore and India. The fund, which has a target of US$30 million, will invest in early-stage artificial intelligence and machine learning companies in India.