“深度科技（deeptech）必须将知识产权（IP）转化为具有产业规模的应用，”Avaana Capital的联合创始人Anjali Bansal表示，并以Skyroot、Agnikul、SEDEMAC以及印度政府推出的1万亿卢比规模的“研究与创新计划”为例，说明了该生态系统的潜力。她告诉CNBCTV18，印度的深度科技初创企业正在越来越多地为全球市场开发自主知识产权技术。
Deeptech must turn IP into industrial scale, Avaana Capital's Founding Partner Anjali Bansal said, citing Skyroot, Agnikul, SEDEMAC and the ₹1 lakh crore Research, Development and Innovation Scheme as examples of the ecosystem’s potential. Indian deeptech startups are increasingly developing proprietary technologies for global markets, Bansal told CNBCTV18.
她特别提到了Skyroot——该公司成功发射了印度首枚自主研发的火箭，其产品在国际市场上拥有大量需求；同时她也提到了Agnikul，该公司在推进技术方面具有全球竞争力，已在欧洲、澳大利亚、日本和新加坡等地拥有商业客户。“这些公司展示了在印度开发前沿技术、并服务于全球市场的潜力，”Bansal说道。她认为，印度在未来十年的机遇在于将科学成果转化为具有产业规模的应用，并将自主知识产权转化为全球技术领导力，从而培育出那些起源于印度、服务于全球市场、并具备战略重要性的企业。
She cited Skyroot, which launched India’s first privately developed rocket, with a significant share of expected demand from international customers. She also pointed to Agnikul, which has demonstrated globally differentiated propulsion technology, with commercial customers across Europe, Australia, Japan and Singapore.“These companies demonstrate the potential to build frontier technologies in India for markets around the world,” Bansal said. She said India's opportunity over the coming decade is to “translate scientific excellence into industrial scale and proprietary IP into global technology leadership”, creating companies that originate in India, serve global markets and build capabilities of strategic importance.
Bansal指出了六个具有巨大潜力的领域：能源与电力系统、先进制造业与供应链、半导体与电子产业、生物技术与先进材料、航空航天与国防技术，以及应用于实体经济的人工智能（AI）。
Bansal identified six areas with significant potential: energy and power systems; advanced manufacturing and supply chains; semiconductors and electronics; biotechnology and advanced materials; space and defence; and AI applied to the physical economy.
“技术正在不断渗透到实体经济中，”Bansal强调，“Avaana Capital的重点正是推动技术更深入地融入实体经济。”
Technology enters the physical economyBansal said Avaana is focused on technology moving deeper into the physical economy.
能源系统正变得越来越分散化、智能化且灵活，这为储能、电力电子、分布式发电、电网技术以及智能能源管理领域带来了诸多机遇。先进制造在提升供应链韧性及实现关键价值链本土化方面发挥着核心作用，机器人技术、精密制造、新型材料与半导体技术则为各国提升本土产业能力并参与全球竞争创造了条件。生物技术正在为材料、化工、食品及工业原料的生产开辟全新路径。
Energy systems are becoming more distributed, intelligent and flexible, creating opportunities in storage, power electronics, distributed generation, grid technologies and intelligent energy management. Advanced manufacturing is becoming central to supply-chain resilience and the localisation of critical value chains, with robotics, precision manufacturing, novel materials and semiconductors creating opportunities to build capabilities domestically and compete globally. Biotechnology is creating new production pathways across materials, chemicals, food and industrial inputs.
人工智能则将通过机器人技术、物理人工智能、能源优化、工业自动化、新材料研发以及供应链智能化等手段加速这些变革进程。
AI will accelerate these shifts through robotics and Physical AI, energy optimisation, industrial automation, materials discovery and supply-chain intelligence.AI reality checkBansal said Avaana evaluates AI companies through the same lens as a technology business: “does the technology solve an important problem materially better, faster or more efficiently?”
关于人工智能的现实考量：班萨尔指出，Avaana在评估人工智能企业时采用与评估其他技术企业相同的标准：“该技术能否以更优效果、更快速度或更高效率解决某个重要问题？”她特别提到了Enlite公司——这家企业开发的基于人工智能的操作系统能够优化建筑运营流程、降低能耗并提升资产性能，其解决方案已应用于超过5000万平方英尺的各类建筑中。
She highlighted Enlite, whose AI-led operating system optimises building operations, reduces energy consumption and improves asset performance. Its solutions are deployed across 50M+ sq ft of real estate.
AmpereHour公司开发的基于人工智能的能源管理系统则借助实时控制算法来优化电池储能及各类分布式能源设备的运行效率。而Intello Labs则利用物理人工智能与计算机视觉技术来提升农业价值链各环节的标准化程度与可追溯性。
AmpereHour’s AI-led Energy Management System optimises battery storage and distributed energy assets through real-time control algorithms. Intello Labs uses Physical AI and computer vision to improve standardisation and traceability across agricultural value chains.
Dreamfly Innovations 专注于为无人机和航空航天领域开发高性能电池系统，重点提升飞行时间、安全性和运营效率。“防御性和持久的竞争优势依然至关重要，”班萨尔（Bansal）表示，并指出专有数据、领域专业知识、差异化知识产权以及深度系统集成是关键所在。从原型到规模化班萨尔表示，印度的风险投资生态系统正在成熟，以支持深科技领域更长的孵化周期和技术风险，但风险资本只是融资架构的一部分。
Dreamfly Innovations develops high-performance battery systems for drones and aerospace, focused on flight time, safety and operational efficiency.“Defensibility and durable competitive advantage remains critical,” Bansal said, pointing to proprietary data, domain expertise, differentiated IP and deep systems integration. From prototype to scaleIndia’s venture ecosystem is maturing to support deeptech’s longer gestation periods and technology risk, Bansal said, but venture capital is only one part of the financing architecture.
补助金和催化性资本可以支持研究和早期验证；风险资本可以为技术开发和早期商业化提供资金；成长型股权和战略资本可以支持市场扩张和制造规模化；而当企业履行商业订单时，营运资金、设备融资和债务融资变得尤为重要。
Grants and catalytic capital can support research and early validation; venture capital can fund technology development and early commercialisation; growth equity and strategic capital can support market expansion and manufacturing scale-up; while working capital, equipment finance and debt become important as companies fulfil commercial orders.
她提到了价值1000亿卢比的研发与创新（RDI）计划，该计划正在引导私人资本流向更高技术成熟度（TRL）的创新领域，以及正在扩大风险资本规模的深科技母基金。她表示，机遇在于构建“全谱系资本架构”。
She pointed to the ₹1 lakh crore RDI Scheme, which is catalysing private capital towards higher-TRL innovation, and the deeptech Fund of Funds, which is expanding risk capital. The opportunity, she said, is to build “a full-spectrum capital architecture”.Friction often sits at the transitions from research to IP, IP to prototype, prototype to pilot, pilot to commercial production and production to global scale.
摩擦通常存在于从研究到知识产权、从知识产权到原型、从原型到试点、从试点到商业化生产，以及从生产到全球规模化的各个过渡阶段。共享的试点、测试和认证基础设施，技术转让框架，以及学术界与产业界之间人员、理念和知识产权的更大流动，将有助于解决这些问题。
Shared pilot, testing and certification infrastructure, technology-transfer frameworks and greater movement of people, ideas and IP between academia and industry can help.
早期商业需求同样重要。首个具有实质意义的客户可以验证技术、指导生产规划，并创造商业牵引力的证据。大型印度企业可以通过付费试点、战略采购和承购承诺来支持初创企业。退出机制及向大都市以外地区的扩张班萨尔将SEDEMAC的IPO视为印度深科技公司将专有技术、商业规模和持续执行力转化为公开市场流动性的“决定性证明点”。
Early commercial demand is also important. The first meaningful customer can validate the technology, inform production planning and create evidence of commercial traction. Large Indian corporations can support startups through paid pilots, strategic sourcing and offtake commitments. Exits and expansion beyond metrosBansal cited SEDEMAC’s IPO as a “definitive proof point” of an Indian deeptech company translating proprietary technology, commercial scale and sustained execution into public market liquidity.
随着企业纷纷寻求具有差异化的知识产权、产品及技术能力，战略性并购也将日益发挥重要作用。由于印度的科研实力广泛分布于各印度理工学院、印度科学研究所、印度科学教育与研究学院、印度科学与工业研究理事会下属实验室、各类大学以及专业研究机构，因此深度科技类企业完全可以在班加罗尔和德里国家首都区等核心科技中心之外落地发展。
Strategic M&A could also become increasingly relevant as corporations seek differentiated IP, products and capabilities. Deeptech companies can be built outside hubs such as Bengaluru and Delhi-NCR because India’s scientific capability is distributed across IITs, IISc, IISERs, CSIR laboratories, universities and specialised research institutions.
她举例提到位于北阿坎德邦鲁尔基的GreenGrahi公司，该公司运用昆虫生物技术将农业和食品废弃物转化为可用于动植物营养的高价值原料。而创立于拉贾斯坦邦科塔的Eeki公司则研发出了独有的无土栽培技术以及配备物联网功能的现代化农场。班萨尔指出，这一机遇的诞生有赖于科研实力、创业抱负、有利政策、产业需求与资本投入的共同作用。
She cited GreenGrahi in Roorkee, Uttarakhand, which uses insect biotechnology to convert agricultural and food residues into high-value ingredients for animal and plant nutrition. Eeki, founded in Kota, Rajasthan, has developed proprietary soil-less growing technology and IoT-enabled farms. Bansal said the opportunity rests on the convergence of scientific capability, entrepreneurial ambition, enabling policy, industry demand and capital.