Peak XV Partners, a major venture capital firm managing over $10 billion in assets, has increased the maximum seed investment per company through its Surge programme from $3 million to $5 million. The new Surge 12 cohort comprises 18 startups and represents the first batch to operate under this higher funding ceiling, reflecting broader market trends including a significantly raised Series A bar and growing capital requirements for deeptech companies.

The Surge 12 cohort received over $50 million from Peak XV, with the startups collectively raising more than $90 million in seed funding. Whilst more than half the companies are based in India, only five focus specifically on the Indian market, with the remaining 13 targeting global customers. The companies span diverse sectors including artificial intelligence, robotics, space technology, healthcare, and fintech, exemplified by ventures such as Alma (personal computing platform) and August AI (AI-enabled healthcare). Since launching in 2019, Surge has backed over 180 startups from more than 18 countries, with the top ten companies now generating combined annual revenue exceeding $1 billion.