IDLC Venture invests Tk 4cr in Intelligent Machines

IDLC Venture Capital Fund I is investing Tk 4 crore in an artificial intelligence-based tech startup, Intelligent Machines (IM), aiming to advance the country's digital evolution further.

The current funding round will support the IM's expansion in the AI enterprise sector, where it has been serving an eminent range of clients such as bKash, BAT, Unilever, Arla Foods, Telenor Myanmar and IDLC Finance.

The fund is being managed by IDLC Asset Management, a wholly-owned subsidiary by IDLC Finance, according to a statement.

Launched in March 2020, it has been a Tk 45 crore venture capital fund investing in technology-based and high-growth startups in Bangladesh.

"As the largest non-bank financial institution in Bangladesh for the last 35 years, we always thrived for new business opportunities. IDLC has always supported local businesses, be it large or small and pioneered multiple product categories," said Arif Khan, CEO of IDLC Finance.

"As a nation, we are cultivating the digital revolution. This investment is also not any exception, and we are delighted to be a part of this. We will not be limiting ourselves to capital investment but extend guidance to the tech entrepreneurs too," he said.

"We are greatly encouraged with this powerful association," said Mohammad Oli Ahad, founder and CEO of IM.