"Physical industries remain largely under-digitized. The next generation of AI value will be created in the real world, not just on screens."
Who we are
Built to Revolutionize Physical Industries
Founded in 2023 in San Francisco, Nirman Ventures is a sector-specialist venture capital firm focused on the modernization of traditional industries through frontier technologies.
Our story
How We Got Here
Nirman Ventures was founded in San Francisco by Nikhil Choudhary around a simple belief: many of the world's largest industries remain underserved by technology and misunderstood by traditional venture capital.
The firm later brought together leaders including Gregg Wallace, with experience across HILTI Corporate Ventures, Building Ventures, and Bain & Company, and Mahadev Raman, whose engineering leadership at Arup spans more than four decades.
Fund I deployed across eight portfolio companies between October 2023 and January 2026, spanning AI for autonomy and robotics, infrastructure and energy, generative design, and labor matching. Fund II continues that strategy with a select group of limited partners.
From the team
Partner Insights
Notes, market observations, and real-world insights from the team behind Nirman Fund II
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"The best industrial technologies don't just create efficiency. They change how entire industries operate."
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"The next wave of value creation will come from modernizing industries that have historically been difficult to digitize."
What drives us
The Core Principles That Bind Nirman
Six pillars that shape how we invest, operate, and build long-term partnerships
Focus
Addressing the Biggest Challenges of the Physical World
We focus on industries where AI, robotics, automation, and infrastructure technologies can drive measurable operational change.
Value
Domain Expertise Beyond Capital
We support founders with sector insight, operational context, strategic introductions, and hands-on guidance built from real industry experience.
Knowledge
Built by Operators from Traditional Industries
Our team brings experience across engineering, infrastructure, energy, industrial systems, and venture investing.
Network
Leveraging Relationships to Accelerate Growth
We connect portfolio companies with founders, corporations, advisors, universities, and industry leaders across the Physical AI ecosystem.
Investment
High-Conviction Investing Backed by Industry Insight
We apply workflow-level diligence and operational validation to identify technologies positioned for long-term industrial adoption.
Impact
Backing Technologies That Shape the Future of Industry
We invest in founders modernizing the industries that build, move, and power the global economy.
Our Process
How We Invest
A repeatable four-step investment process built around proprietary sourcing, real-world diligence, transparent decision-making, and active post-investment involvement.
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Sourcing & Tracking
Founder-centric proprietary sourcing through our networks in traditional industries, paired with disciplined tracking. We follow promising teams over years and revisit as they hit milestones.
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Rigor + Speed in Diligence
Rotating 2-person deal teams provide fresh perspectives. Founder network validation forces real-world customer and advisor interactions, testing adoption potential and founder execution.
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Transparent Decision-Making
Open challenge culture. GP consensus plus Advisory Partner oversight ensures balanced governance without slowing speed.
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Hands-On Involvement
Institutional rigor with flexible terms. Active value creation through strategic introductions, talent recruitment, and preparation for next-round fundraising.
Investor voices
What Our LPs Say
Nirman had the Physical AI thesis early and had it for the right reasons. This isn't a software team chasing a trend, its sector depth is real.
Nirman understands both the use cases and the real-world constraints technology faces in regulated, dynamic physical industries. Their framework for evaluating opportunities is genuinely differentiated from generalist venture firms.
Nirman operates at a depth most generalist funds can't reach. The best startups in the space track them - and so do the corporate strategy teams at the leading incumbents.
From the portfolio
What's Happening Across Physical AI
Recent traction, launches, and milestones from portfolio companies operating across the physical economy
Field AI: embodied AI for industrial environments
Field AI is building category-defining embodied AI for industrial environments. Visit the company page to follow product updates and field deployments.
Field AI on LinkedIn View on LinkedIn
Noble Machines: industrial general-purpose robots
Industrial general-purpose robots founded by engineers from Apple, SpaceX, NASA, and Caltech. Visit the company page for the latest product updates and demonstrations.
Noble Machines on LinkedIn View on LinkedInReady to invest?
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Institutional interest around physical AI is growing quickly, but many of the best opportunities remain difficult to access. Position ahead of the curve with Nirman.
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