The firm said it will continue to back companies in the early stage (seed, pre-Series A and Series A) companies and focus beyond digital deep tech startups to space technologies, material sciences, biotech and life sciences. Pi Ventures, an early-stage venture capital fund that backs AI and deep tech startups, has received approval from markets regulator, the Securities and Exchange Board of India, to launch its second fund with a target corpus of Rs 565 crore. Pi Ventures said it was targeting to close Fund II this fiscal year.