BENGALURU: pi Ventures, an early stage venture fund focused on startups leveraging AI and IoT, has closed its maiden fund with a corpus of Rs 225 crore, higher than its initial target of Rs 195 crore. UK's development finance institution CDC Group has also invested Rs 40 crore in pi Ventures. CDC has a portfolio of $5.3 billion, and has financed 715 and 338 businesses in Africa and South Asia respectively. Its objective is to invest in startups with deep-tech capabilities that have the potential to change the business landscape. A number of funds have been raised in recent times with the objective of investing mainly in India based ventures and in areas related to new age digital tech.