India-focused venture capital firm Pi Ventures has reached a first close for its debut fund with US$13 million in capital commitments. Investors in the fund include the Small Industries Development Bank of India, several Indian entrepreneurs and family offices in the United States, Canada, Singapore and India. The fund, which is targeting US$30 million in total commitments, will invest in early-stage startups that develop artificial intelligence and machine learning solutions for the health care, logistics, retail and financial sectors.