Analysis · Professional & Local Services

Ideaspring Capital managing partner shares insights

By Startup Enthusiast · 19 March 2026

What they do

Ideaspring Capital is an early-stage VC firm backing IP-led tech startups in India

Managing partner Naganand Doraswamy discusses his investment philosophy and portfolio, noting that Fund II is fully deployed

The firm has deployed two funds and is preparing a third fund for deep tech

Naganand Doraswamy is the Founder and Managing Partner of Ideaspring Capital.
He values founders who ask tough questions to investors during fundraising.
He says: 'Money without mentoring is useless, and mentoring without money is also useless'.
The firm has invested in 33 companies across two funds.
Fund I was ₹118 crore, launched in 2016, focusing on early-stage product companies.
Fund II was ₹265 crore, launched in 2022, and is fully deployed.
Fund III is in preparation, continuing the focus on early-stage tech startups.

India's startup ecosystem has evolved from replication (2007-2014) to enterprise/SaaS (2015-2022) to deep tech (current).
Government support includes SIDBI Fund of Funds, Startup India, Atmanirbhar Bharat, and R&D funding programs.
Ideaspring's focus areas include biotech, semiconductors, quantum computing, AI infrastructure, and enterprise tech platforms.

Ideaspring Capital is an early-stage VC firm that backs IP-led and technology-driven startups from India.
It has invested in 33 companies across two funds.
Example investment: Accelequant, a quantum acceleration software layer, discovered via a professor's seminar.
Example investment: MuHup, voice recognition tech, expanded from contact centers to automotive, works with major Indian automakers.
Example investment: LatentForce, AI-driven code modernization tools, founded by IISc researchers.

Ideaspring Capital is preparing Fund III, continuing its focus on early-stage tech startups.
Focus areas include biotech and life sciences, semiconductors and deep hardware, quantum computing, AI infrastructure, and enterprise tech platforms.