PE firm Multiples bets on AI-first tech services, pares legacy bets

Deeptech investments carry a lot of risk, where timelines are long, capex is high, and outcomes are binary; This is something a fund like Multiples would prefer to avoid; instead, it prefers to step in when scale and revenue are visible. “We can invest in deeptech, but the most important criterion is whether it is the best deal for the fund. It must be meaningful from the perspective of portfolio structure and economy.”