In a positive news to the otherwise grim overall investment scene, India-based early stage investment firm Unicorn India Ventures, is announcing the first close of its proposed ₹400 crore 2nd equity fund. As a part of this first close, the fund has raised ₹90 crore, and says that it expects to reach final close in next 12 months. In a statement sent to the The Tech Portal, Unicorn India Ventures said that it expects participation from “large institutional investors” going forward, but did not disclose any names.

For this first close, the fund saw participation from domestic investors comprising of family offices and investors from the first fund. From the new fund, Unicorn India will participate in Pre Series A and upwards rounds, with ticket sizes of upto USD 1 million.

Along with announcing the first close, Unicorn India Ventures also announced their first investment into neo diagnostics startup SaScan. The amount of investment remains undisclosed.

SaScan is a neo diagnostic startup that is working on both hardware and software front, to bring about its first non-intrusive Oral Cancer screening device ‘OralScan’ to the market. The company is also working on clinical trials for a device to screen for another common type of cancer.