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Indian VC

Bluehill VC: A Chennai Deep-Tech Fund Backing EtherealX and Helex

Bluehill.VC is a Chennai-based deep-tech venture capital firm co-founded by Manu Iyer and Sridhar Parthasarathy in 2024, backing founders in defence, space, energy, and semiconductors. The firm invests at the seed and series A stages, with checks between $750,000 and $2 million, and closed its maiden fund at Rs 400 crore (about $42 million). Confirmed portfolio companies include EtherealX, a reusable launch vehicle startup, and Helex, a gene therapy biotech company.

Overview

Bluehill.VC is a deep-tech venture capital firm headquartered in Chennai. Manu Iyer and Sridhar Parthasarathy co-founded the firm in 2024. Both serve as managing partners guiding its investment strategy. The firm also maintains a presence in Bengaluru. It focuses on frontier technology across defence, space, and energy. Semiconductors, advanced materials, and IoT and robotics round out its scope.

Investment Focus and Stage

Bluehill.VC invests at the seed and series A stages, targeting TRL 5-plus companies. Its typical check size falls between $750,000 and $2 million per startup. The firm plans four to five investments each year across a four-year window. It aims to back sixteen to twenty companies with an average ticket near $1 million to $1.5 million. The team looks for founders solving hard engineering and scientific problems.

Fund Size and Portfolio

Bluehill.VC closed its maiden fund at Rs 400 crore, about $42 million. That figure includes a Rs 50 crore greenshoe option on top of its original target. SIDBI and the governments of Kerala and Uttar Pradesh backed the fund as investors. EtherealX, a reusable launch vehicle startup, counts among its confirmed investments. Helex, a gene therapy biotech company, also sits within its portfolio.

Leadership

Manu Iyer co-founded Bluehill.VC and serves as managing partner and general partner. He has worked within India's deep-tech ecosystem for years before this role. Sridhar Parthasarathy co-founded the firm alongside him as managing partner. Both bring experience backing companies solving hard technical problems. Their team also includes an investment manager and an investment analyst.

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