Mettle Capital, the venture capital firm founded by three former Peak XV Partners executives, is teaming up with its former firm for its maiden investment in Empirical Machines, an artificial intelligence startup founded by former OpenAI researcher Shyamal Hitesh Anadkat.
The two investors are set to co invest in a $20 million funding round that values Empirical Machines at approximately $80 million, according to people familiar with the discussions. The round has been expanded from the previously reported $15 million, while the investor mix has changed. Bessemer Venture Partners, which was earlier in talks to participate, is no longer part of the proposed round, The Unicorn Magazine reported.
The deal would mark Mettle Capital’s first investment since its launch in May 2026. Its founding partners, Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma, left Peak XV earlier this year to establish their own investment firm.
- Empirical Machines Targets AI Powered Scientific Discovery
Empirical Machines is building AI technology to accelerate scientific discovery, including work involving chemical compounds. The startup’s approach sits at the intersection of artificial intelligence and scientific research, where models can potentially help researchers explore hypotheses and interpret experimental results.
Anadkat spent nearly four years at OpenAI, working on applied AI and the challenge of making AI systems perform reliably in real world settings. He returned to India earlier this year to launch Empirical Machines, which is seeking its first institutional funding round.
The startup’s official website describes its mission as accelerating scientific discovery using AI that learns from real world experiments.
- A Notable First Deal for Mettle Capital
The investment brings the former Peak XV partners and their previous firm together on the same deal, less than a year after the three executives decided to establish an independent venture capital platform.
Mettle Capital was launched with plans to raise a fund of around $350 million to $400 million, targeting Indian startups primarily at Series A and Series B stages. Its first investment will offer an early indication of the sectors and founders the new firm intends to back.
- AI Funding Gains Momentum in India
The proposed investment comes amid a broader pickup in funding discussions across India’s AI ecosystem. Other companies attracting investor attention include Sarvam AI, which announced a $300 million Series B round, and Emergent, which raised $70 million in January 2026. The Unicorn Magazine exclusively reported.
For Empirical Machines, the opportunity is to apply AI to scientific workflows rather than compete solely in the crowded market for general-purpose AI applications. But scientific discovery is a demanding field: progress will depend on the quality of its technology, access to relevant experimental data and the ability to demonstrate results that researchers can use.
The proposed $20 million round signals investor interest in this approach. Its completion, however, has not been publicly confirmed.
