| ISSUE 10 · OCTOBER 2026 |
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SilverX Catalyst
Research and notes on Indian deep tech from SilverX Fund
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Portfolio update Silverneedle Ventures Fund I
Portfolio Valuation +2.6x Portfolio NAV | <3 years Average hold period | as of Mar 2026 Third-Party Valuation under IPEV Guidelines |
Silverneedle Ventures Fund I’s latest independent third-party valuation, as of March 2026 and prepared in accordance with IPEV standards for regulatory and SEBI compliance, reflects a 2.6x NAV multiple in under three years. This is an independently assessed NAV multiple, not a realized MOIC; our ongoing portfolio-level MOIC tracking, which reflects both realized and current portfolio value, is materially higher. This provides encouraging early validation of our investment thesis. |
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New · Monthly webinar series
Inside SilverX’s Deal Room
A sneak peek inside the SilverX startup funnel. Three live opportunities, walked through every month. By invitation only.
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The essay · Where SilverX finds deals
“When access is commoditized, capability becomes the principal metric.”
 Research labs |  Partner networks |  Research-led outreach |  Incoming pipeline |  Founder networks |
Five channels bring deals in. Before investing, SilverX asks how it can add value beyond capital.
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How we evaluate
Can this company return the fund?
₹1,000 Cr annual revenue within 5 to 8 years |
4 to 5 players in a market big enough for each to hold 10% |
 | AI filter |
| › |  | Build conviction |
| › |  | Partners decide |
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The month in deep tech
Seven developments from September
| $0.042 | TypeSafe launches Jev for structured decisions | | $100M | Pixxel raises a Series C for satellite sensing | | 40 | L&T unveils chip products, partners with Tata | | 9B | DeepMind maps DNA changes in AlphaGenome Atlas | | $300M+ | Agility’s Digit 5 humanoid in customer orders | | 396 MW | Google signs a geothermal deal with Fervo | | $75M | Solcoa raises for rare-earth metal production |
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The VC playbook
The playbook, as SilverX runs it
How an LP can be part of the work, what sits in the paperwork behind every deal, and who on the team carries what.
Four ways LPs take part
 | A name Introductions to founders the fund would otherwise miss |
|  | Judgement A read from someone who has shipped the technology |
|  | Access The first enterprise or PSU customer |
|  | Time Office hours with founders, matched by domain |
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What SilverX won’t sign
 | No full ratchet |
| | No participating preferred |
| | No veto over hiring and building |
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From the partners
A day in the life of a VC partner
By Abishek Balendran
“Venture capital is as much about being highly confident in what you do not want to invest in as it is about identifying what you do.”
Two questions that can change an outcome
 | Timing Is the market at an inflection point, or is the solution too early? |
|  | Competitive catch-up How hard is it for a well-funded rival to close the gap? |
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Explainer
The VC lifecycle, from fund to exit
By Kaustubh Savant
| 01 Raise | | 02 Deploy | | 03 Create value | | 04 Liquidity | | 05 Return |
The shift now is from valuation creation to value realisation.
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From the field
Venture Partner Nanda Kodimyala with founders, investors and technology leaders in the US.
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Beyond the Deck
Investing in NeuroAI
Dr. Rimjhim Agrawal, CTO, BrainSightAI, with SilverX investors
3.4B people live with neurological conditions, about 43% of the world
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NeuroAI is a stack. Place each company on it before judging it.
Data | Models | Interpretation | Workflow | Intervention |
The lasting winners will own evidence-backed workflows, data, clinical trust and integrated hardware-and-software systems, more than a novel model or device.
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Founders on LinkedIn | Ajay Jain Founder & Managing Partner 90 million litres a day, and still underfunded: why DigitalPaani is the kind of deep-tech bet India needs. | Abishek Balendran Co-founding Partner Idle GPUs, but short of usable compute: why AI infrastructure is now a systems problem. | | |
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SilverX Fund
Sanali Spazio, Inorbit Mall Road, Madhapur, Hyderabad, Telangana 500081
silverx.vc · LinkedIn
Nothing in this newsletter is an offer to sell or a solicitation to buy any security.
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