Ajay Jain
Founder & Managing Partner
Investment selection, fund strategy and founder support. Current personal role from November 2025.
LinkedIn profile ↗India / Direct investor
Deeptech and AI capital for India.
SilverX Fund II, following Silverneedle Ventures Fund I.
Connect NowFirst cheque · current FAQ₹10-20 crore
Fund II target₹800 crore + ₹400 crore
Investment stageSeed+ to Series A/B
Fund I public portfolio16 companies
01 / The fund
Science, engineering and applied AI
SilverX is the successor Fund II platform from the team behind Silverneedle Ventures Fund I. It targets Indian companies in semiconductors, advanced materials, quantum, space and defence, energy, robotics and AI-native businesses. The manager describes approximately 60% deeptech and 40% AI-native allocation. This is a prospective Fund II mandate, not a description of every legacy investment.
The current investor FAQ gives ₹10-20 crore first cheques, roughly 20 target companies and 60% of capital reserved for follow-ons. Fund II is raising a target ₹800 crore with a ₹400 crore greenshoe option, not a verified completed close. The November 2025 launch release quoted $1-2 million initial cheques; the current rupee FAQ is shown here without treating the two as exact currency equivalents. The fund targets India-only deployment, including companies headquartered in India or with an Indian subsidiary.
The manager identifies SilverX Fund as SEBI Category II AIF IN/AIF2/25-26/2027, managed by SilverX Advisors LLP, sponsored by SilverX Sponsors LLP, with Orbis Trusteeship Services Private Limited as trustee. Registration timing differs across manager pages, so no exact registration date is asserted. The FAQ schedules drawdowns from June 2026; this is not proof that a particular investment has closed.
Fund I, Silverneedle Ventures, is described as a Category I AIF launched in 2022, with ₹76 crore deployed across 16 companies and final closure. All 16 named public portfolio identities are included below, including retail, creator and legal software businesses. They are legacy Fund I relationships, not 16 new SilverX Fund II investments or a confirmed list of current unexited holdings. No named Fund II investment or complete exit register was established in the public material checked.
Current fund FAQ ↗ · Dated launch announcement ↗02 / Portfolio
Explore by sector
All 16 identities in Silverneedle Fund I’s public portfolio. Each company’s own site was inspected on 2 November 2026. The Fund II thesis does not recategorise legacy consumer or software companies as deeptech.
Dhruva Space is Space Tech. Makers Hive’s bionic hand and ThingsUp’s sensor-linked IoT systems are Physical AI. BrainSight AI’s medical imaging is BioTech. Enterprise AI, legal and creator software, retail and spiritual services remain in Others. No legacy holding is labelled Quantum or Semiconductors just because the new fund targets those sectors.
Physical AI 2
Connected-device monitoring for EVs, energy systems and cold chains. Its IoT platform supports sensors, gateways and actuators plus hardware offerings, not a semiconductor manufacturer.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
KalArm is a powered bionic hand for people with upper-limb amputations, with app-based settings. The assistive hardware is Physical AI, not a drug or biological platform.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗BioTech 1
MRI brain-mapping and connectomics software for clinicians studying brain networks and planning neurosurgery. Medical imaging is BioTech here; regulatory clearance is not inferred.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗Space Tech 1
Satellite platforms, orbital deployers, ground stations and launch services for space missions.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗Others 12
Enterprise learning, skills assessment and workforce training software, including AI-assisted course creation and delivery.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
Neighbourhood supermarkets, grocery delivery and franchise support in Andhra Pradesh. This is a retail network, not a deeptech hardware company.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
AI tools for financial-services compliance, regulatory updates, evidence management and workflow assignment. Applied AI software, not a quantum or semiconductor business.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
Enterprise process automation and AI-agent orchestration through the Zvolv and Zai platforms.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
AI-generated advertising videos and campaign tools. The live site now presents the AI AdMaker, beyond the manager’s older short-video creator description.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
Contract lifecycle software, electronic signatures and e-stamping for Indian businesses.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
Event marketing and management software for registrations, engagement, onsite operations and measuring outcomes.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
Enterprise voice agents and generative-AI tools for sales, lead qualification and customer conversations.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
Software for creators and coaches to sell courses, webinars, memberships and other digital content.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
ComplyMS software for workplace legal and HR compliance, including PoSH and data-protection workflows.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
Consumer platform for online pujas, temple offerings and astrology consultations. Not a deeptech holding.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗
Sneaker, streetwear and apparel resale marketplace. This is consumer commerce, not an AI company with the similar Mainstreet name.
Own site checked 2 November 2026. This is not an assertion of a current Fund II holding.
Holding source ↗Separate earlier and personal experience
The partners’ earlier investments at Xseed, IIIT Seed Fund, Nirvana and other firms are not silently assigned to Silverneedle or SilverX. Dhiraj’s personal experience separately lists Xbattery, Fuski Ventures, Protrainy, str8bat, Fabrik, SEPAL and SignalX.ai; these are excluded from the 16 Fund I identities. Abishek’s Shiprocket and Zopper exit experience is prior professional track record, not evidence of these funds holding those companies. Portfolio entries overlapping the manager’s 16 are counted once.
Personal investment record ↗03 / Team & connect
Investment team
Dhiraj Kumar Sinha
Co-founder & Managing Partner
Fund strategy and investments. Current personal role from September 2025; other angel investments remain separate.
LinkedIn profile ↗
Abishek Balendran
Co-founding Partner
Deal sourcing, investment management and portfolio work. Current personal role from November 2025.
LinkedIn profile ↗
Natasha Kumar
DeepTech Investments
Deal sourcing and evaluation across semiconductors, quantum, materials, robotics, space and health. Current personal role from March 2026.
LinkedIn profile ↗
Prashant Rathee
Investments
Deal sourcing and evaluation, with energy, AI and semiconductor focus. Current personal role from February 2026.
LinkedIn profile ↗
Pooja Akkem
Investments
Deal sourcing and evaluation, alongside media and fund operations. Current personal role from December 2025.
LinkedIn profile ↗
Nishaanth Rangan
Analyst
Deal sourcing and evaluation across defence, robotics and space. Current personal role from May 2026.
LinkedIn profile ↗Seven core investment contacts checked against their own current personal experience on 2 November 2026; official portraits visually matched. Pooja and Natasha have mixed investment and operations or investor-relations work but personally confirm investment roles. Manjari’s compliance and regulatory role is excluded. Sponsors, advisers and operating or venture partners are not assumed to be core deal contacts. The manager’s Nishaanth link is broken; his corrected, personally verified profile is used.
Official contact route ↗04 / Fund network
Limited partners
No named outside LP commitment was established in the public sources reviewed. The manager says around 30% of LP capital comes from outside India, but does not identify those LPs. The FAQ describes a planned GP commitment of ₹80-100 crore and a sponsor contribution of 5% or more; neither statement identifies a funded third-party LP.
SilverX Sponsors LLP is the legal sponsor. The team page separately labels Rajesh K. Agarwal, Dr. Ramesh Kancharla, Dr. Ravindranath K., Dr. Prabhat Reddy Lakkireddi, Tanmay Kapoor and Earthvest as sponsors. Those titles and affiliations are not proof of personal LP subscriptions. Orbis is the trustee and SilverX USF LLC is a feeder structure, not an inferred outside LP. No guessed institution, person or portrait is shown as an LP.
Undisclosed or unverified does not mean there are no LPs. Checked 2 November 2026.
Manager sponsor disclosure ↗ · Fund FAQ ↗