Techin' Geek

Lightspeed is refining its India approach concerning AI, aiming for $250 million for a new early-stage fund as the venture firm anticipates that technology will spearhead the next generation of startups in one of the largest markets globally.

The Silicon Valley venture capital firm is already a significant investor in AI firms such as Anthropic, xAI, and Databricks. In the Indian market, it has supported Sarvam AI, a foremost developer of large language models in the country, and a startup chosen by the Indian government to aid in the creation of sovereign AI models.

The forthcoming fund, Lightspeed India Partners V, will be half the size of its $500 million predecessor raised in 2022, having already garnered commitments for 80% of its $250 million target, according to a letter sent to investors on Thursday and reviewed by TechCrunch.

In late April, Lightspeed revealed the new fund in a U.S. regulatory filing, although the filing did not disclose its target amount. Previous reports from Indian media indicated that the firm was aiming to raise between $300 million and $350 million for this vehicle.

Lightspeed intends to start investing from the new fund within two months and has structured it around an investment horizon of approximately two and a half years, as per the letter. Until then, it will continue to finalize investments from the current fund.

A spokesperson for Lightspeed declined to provide comments.

With the introduction of the new fund, Lightspeed is also aligning its India funds with the same fundraising schedule as its global funds for the first time, according to the investor letter. This alteration brings a regional venture established nearly twenty years ago more in sync with the rest of the firm.

This action follows a similar realignment by competitor Accel, which in August raised its latest $550 million fund for India alongside new funds for the U.S. and Europe and a global growth vehicle as part of a coordinated $3.5 billion fundraising initiative. It was the first instance of Accel raising all four funds at the same time.

The $250 million fund is tailored to fit how swiftly Lightspeed is currently deploying funds and its shorter investment timeframe, as outlined in the letter. Lightspeed pointed out to investors that the smaller fund size allows for a greater emphasis on individual deals rather than on fund magnitude, enabling an earlier next fundraise.

Additionally, the new fund signifies a more pronounced focus on AI within Lightspeed’s early-stage investment strategy in the region. The investment thesis presented in the letter predicts that AI will generate more value in India than the internet did, targeting AI firms across India and Southeast Asia.

So far, India has not produced a major global frontier AI model developer and has drawn significantly less investment in AI compared to the U.S. and China. However, investors are increasingly recognizing the potential for India in the application layer, leveraging the country’s extensive pool of software developers and its long-standing history as a center for software and technology services.

The new $250 million India fund is just a fraction of the capital available within Lightspeed’s global platform. The firm, which manages over $65 billion in assets worldwide, raised $9 billion across several new funds last December, marking the largest fundraising total in its history. This included a $980 million early-stage venture fund.

Lightspeed’s dedicated India and Southeast Asia funds represent only a portion of the capital the firm has deployed in the region. These funds have invested roughly $900 million, while Lightspeed’s global funds have allocated another $1.6 billion to support companies from the regional portfolio, as noted in the investor letter.

The choice to focus its newest regional fund entirely on AI also indicates a sharper thematic direction for Lightspeed in a market where it has historically invested across multiple sectors. Its India portfolio encompasses companies in areas such as quick commerce, consumer internet, software, and household services.

Lightspeed’s investments in India have included companies like the quick-commerce startup Zepto, audio platform Pocket FM, house-help startup Snabbit, rooftop solar startup SolarSquare, and various enterprise software firms.

The same team that managed Lightspeed’s previous four India funds will oversee the new fund, according to the letter.

Waymo’s expansion in commercial robotaxi services appears vast, both in terms of geographic presence and user volume. And from nearly every perspective, it is — until one considers the locations where the majority of these robotaxis are actually found.

Data from the last two years showcases the type of commercial launch one would anticipate from a well-funded entity like Waymo, which emerged from Google and retains Alphabet as its primary investor. By September 2024, Waymo was operational in merely three cities — Phoenix, Los Angeles, and San Francisco. Currently, it provides robotaxi services in 15 U.S. urban areas, most of which were initiated in the last year. The ridership has soared as well, with Waymo now seeing an average of 500,000 paid robotaxi rides each week.

However, a thorough examination of its fleet indicates a focus on just two states. Approximately 80% of Waymo’s approximately 4,000 robotaxis are located in California and Texas, with Texas emerging as the focal point: Waymo’s fleet there has increased by nearly 50% in the past three weeks, spurred by a newly introduced Chinese-manufactured minivan that the company believes will aid its expansion, despite tariffs increasing its expenses.

The remaining 800 or so vehicles are distributed among cities in other states, including Arizona and Florida, which is another rapidly evolving area. The majority are the well-known white Jaguar I-Pace electric SUVs, but a growing proportion are the latest minivans — a customized Zeekr RT that Waymo has named “Ojai.”

Waymo’s emphasis on California is expected. With its headquarters in Silicon Valley, a significant portion of its initial testing and development activities took place there. Additionally, a segment of the population in that region is more inclined to adopt new technologies early on.

The recent growth in Texas is particularly noteworthy. Waymo has augmented its Texas fleet by 49% within the last three weeks, according to vehicle registration records and data from the Texas Autonomous Vehicle Fleet Tracker. As of September 24, Waymo had 1,102 autonomous vehicles registered in that state.

Waymo initiated its commercial services in Austin through a collaboration with Uber in March 2025, allowing riders to hail its robotaxis via the Uber platform. Since that time, the company has extended its robotaxi services into Dallas, Houston, and San Antonio.

Waymo’s Texas fleet remained fairly stable through the summer, gradually increasing from around 600 vehicles in June to over 700 by the end of August. Then came September, when the fleet experienced significant growth, driven by the arrival of new Ojai minivans, which now constitute about one-third of Waymo’s fleet in Texas.

Anticipate that portion to rise.

The Ojai robotaxi, outfitted with Waymo’s sixth-generation self-driving system, is designed to facilitate Waymo in achieving mass scalability. Its interior is constructed to endure significant usage, and it features an enhanced rider interface along with Google’s Gemini AI, serving as an in-car assistant for passengers.

Remove that technology, however, and the Ojai is simply a minivan produced by Zeekr, a brand that is part of China’s Geely Holding Group (which also owns Volvo). The Ojai is built upon Zeekr’s SEA-M platform, a shared vehicle framework intended for applications such as robotaxis and delivery vans. The basic Zeekr vehicles are transported to the U.S. without any Chinese connected-car technology installed. Upon arrival, they are sent to Waymo’s factory in Arizona, where they receive Waymo’s self-driving technology.

The Ojai is intended to reduce expenses and ultimately assist Waymo in reaching profitability. For the moment, though, tariffs are eating into any savings. Under the current U.S. trade regulations, vehicles made in China incur hefty import tariffs, increasing Waymo’s costs for every Ojai it imports.

Waymo seems prepared to bear that expense. MoffettNathanson, a New York-based research firm monitoring Ojai imports via detailed shipping data, indicated in its September analysis that Waymo is on track to import 5,100 of these vehicles into the U.S. by the end of the year.

Where will all these Ojai vehicles be deployed? Texas is certainly a key destination. However, Florida, where Waymo operates in three cities, along with emerging markets like Las Vegas, will likely receive a boost as well.

Lindsey Elliott has a deep passion for bolts. During last year’s 13th annual Bolting Symposium, she mentioned that the highlight was engaging in Bolting Bingo with the numerous self-identified “torque enthusiasts” present.

Once an engineer and planner for ExxonMobil, Elliott has devoted years to contemplating improvements for the infrastructure used to transport oil, gas, and petrochemicals. Her focus became bolts, specifically those connecting pipe sections (known as “bolted flange joints”). These bolts necessitate arduous physical effort to adjust and are a primary cause of injuries among pipefitters. Similar to various trades, there exists a labor shortage in this field.

“Those individuals become really fatigued when asked to work 12-hour shifts for three consecutive months,” she shared with TechCrunch. “I’ve conversed with pipefitters across the United States and Canada, and I’ve consistently heard that North American pipefitting productivity is notoriously low.”

The remedy Elliott devised at her startup Nexterity, as one of the Startup Battlefield 200 chosen for TechCrunch Disrupt, is a remote-operated robot designed to manage this aspect of the task. This concept could significantly transform this specific blue-collar occupation if widely implemented, enhancing both worker safety and efficiency.

Imagine: more dork, less torque.

The robot consists of two primary components that encircle a pipe. Powered by batteries, it can glide along the pipe once attached and swiftly loosen and tighten four bolts simultaneously.

Elliott mentioned that Nexterity has created several distinct configurations of the robot to accommodate various standard pipe sizes, yet they are compact enough to fit in a Pelican case and be transported by a single worker. This portability allows for easy deployment to different job sites — a crucial aspect of Nexterity’s business model, treating the robot like rental construction equipment.

Elliott explained that she arrived at this specific design following discussions she has had over recent years — not only at the Bolting Symposium but also with members from the Pressure Vessels & Piping Division of the American Society of Mechanical Engineers.

“From interactions with the individuals, the torque enthusiasts, so to speak,” she shared, “I discovered that 80% of our pipes are between two to eight inches in diameter, known as NPS2 to NPS8. With that level of uniformity, we have an excellent candidate for automation.”

It’s a relatively simple concept, but Elliott believes it holds significant potential.

“Many would be surprised by how large this market is,” she remarked. “Every day, most of us don’t consider piping infrastructure, yet virtually every sector — including water, wastewater, treatment, food and beverage, mining, nuclear, and any form of green and sustainable manufacturing facility — employs the same type of piping.”

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