Despite increasing conversations around diversity in entrepreneurship, startups founded solely by women still receive only a small fraction of global venture funding. Moreover, building deep tech companies comes with an additional layer of complexity for women founders, feels Anurita Das, co-founder & CEO at the deep tech startup Genovation.
“Female founders, and more broadly, anyone who represents a minority in a given space, often have to go the extra mile to prove themselves. I’ve certainly found myself over-preparing at times, especially in technical and investor conversations, to ensure that the depth of our work and the clarity of our thinking come through unequivocally. There are subtle moments, sometimes in the kinds of questions asked or the assumptions that surface, that remind you representation in deep tech is still evolving,” said Das in an interview for DealStreetAsia’s recent report Women Founders in India: Funding Review 2025.
At the same time, Das believes that focusing on fundamentals ultimately shifts the narrative. In her experience, building strong technology, demonstrating real customer value and maintaining clarity of vision helps redirect attention from the founder’s background to the strength of the company being built. “Over time, consistent execution tends to shift the conversation from who you are to what you’re building,” she added.
Edited excerpts:
What sparked your decision to start this venture, and how did you identify the gap in the market?
The decision to launch Genovation was motivated by the obvious discrepancy between what AI could prove in pilots and what businesses truly required in production. Trust, governance, data sovereignty, and the ability to implement AI reliably in complex environments were the true challenges in industries like aerospace, manufacturing, and finance, not just model performance.
While businesses needed systems that could function securely, integrate deeply, and support actual decision-making, a large portion of the market was concentrated on generic, cloud-first solutions. In order to close that gap and create AI that is not only strong but also reliable and fully enterprise-ready, Genovation was established.
“Trust, governance, data sovereignty, and the ability to implement AI reliably in complex environments were the true challenges.”
At the same time, we saw that language models in particular had immense potential in synthesising data, especially in understanding large volumes of unstructured information and combining outputs from multiple sources into actionable insights.
However, early adoption was largely concentrated among end users rather than critical organisations that generate enormous amounts of complex, unstructured data. This highlighted a clear opportunity: bringing these capabilities into mission-critical environments where deploying agentic AI is inherently more challenging.
The gap we set out to address was enabling sectors such as aerospace, manufacturing, defence, and BFSI to operationalise AI safely and effectively, where the need for reliable intelligence is highest but the barriers to deployment are significant.
In the early stages, what structural or personal challenges did you encounter, and how much of that do you attribute to gender versus general startup realities?
In the initial years, many of the issues were structural; it takes time to build deep tech in India, and you need to have the right talent on board and convince people that you’re working on hard problems rather than quick fixes.
Like any founder, I had to work on fundraising, building credibility with large corporations, and managing the trade-offs of scaling a team versus building the product. I would say that most of these issues are typical of any startup experience.
“As a woman in deep tech, there are times when you are under the microscope or have to prove your technical chops.”
However, as a woman in deep tech, there are times when you are under the microscope or have to prove your technical chops. But I’ve always tried to let the work speak for itself, and once you prove your depth and execution, the discussion changes to the value you’re creating. It’s been a journey of resilience, a clear vision, and building something of value, irrespective of what boxes you check.
Can you walk us through your fundraising journey, from your first pitch to closing the round? What were the toughest moments, and what shifted the outcome in your favour?
One of the toughest challenges early on was that many investors initially struggled to understand what we were doing. We were often asked how a small team could build capabilities that even hyperscalers were investing heavily in, and how we could compete against them.
It took time to clarify that we weren’t trying to be a hyperscaler; our strength was deep focus and R&D agility, allowing us to solve problems that larger players are not structured to address. There’s also a common perception that AI can scale quickly, but when building proprietary systems designed for reliability and trust, patience is essential.
“When building proprietary systems designed for reliability and trust, patience is essential.”
We made a conscious decision to continue advancing our R&D even before major investment, completing core technical work, preparing whitepapers, and validating the technology through real deployments. We went to market early, gathered customer feedback, and iterated continuously. We eventually raised a pre-seed round of approximately $150,000 at a valuation of around $6 million, supported by strategic angels and an international institutional backer.
In today’s tighter funding environment, do you think female founders face distinct challenges?
In a tighter funding environment, I think all founders face increased scrutiny, investors are understandably more selective, and the bar for demonstrating traction, clarity, and resilience is higher across the board. That said, data consistently show that female founders receive a smaller share of venture funding, so there is often an additional layer of proving credibility, particularly in deep tech.
My experience has been that the most effective way to navigate this is to stay grounded in the fundamentals, building strong technology, demonstrating real customer value, and maintaining clarity of vision. Over time, consistent execution tends to shift the conversation from who you are to what you’re building.
“Investors are becoming more aware of the importance of diverse perspectives, especially in fields like AI.”
I also see encouraging signs: investors are becoming more aware of the importance of diverse perspectives, especially in fields like AI, where the implications are broad and long-term. Ultimately, I believe the ecosystem is evolving, and the focus is increasingly moving towards substance, impact, and the strength of ideas.
Have you noticed differences in the types of questions or risk perceptions investors bring to female founders? How did you navigate those dynamics?
In any fundraising process, VCs are obviously trying to assess different dimensions of risk, technology, market, and execution. However, the risks they ultimately evaluate are not always fully shared back with founders, so we don’t always have a clear understanding of what conclusions have been drawn. While some feedback is communicated, it’s often not very substantive, which can make it challenging to know exactly how to address concerns.
“Female founders, especially in deep tech, sometimes encounter more probing around technical depth or scalability.”
At the same time, I do think that female founders, especially in deep tech, sometimes encounter more probing around technical depth or scalability, reflecting broader industry patterns. My approach has been to meet that with clarity, going deep on the technology, being transparent about assumptions, and demonstrating real progress.
That said, proving yourself repeatedly, particularly when expectations are not always explicit, can be difficult. Over time, though, I’ve found that building trust through consistency helps shift the conversation towards the opportunity and the partnership ahead.
Can you share a moment where bias—subtle or overt—showed up in your journey? Have you ever felt you had to over-prepare compared to your male peers?
I think female founders, and more broadly, anyone who represents a minority in a given space, often have to go the extra mile to prove themselves. I’ve certainly found myself over-preparing at times, especially in technical and investor conversations, to ensure that the depth of our work and the clarity of our thinking come through unequivocally.
There are subtle moments, sometimes in the kinds of questions asked or the assumptions that surface, that remind you representation in deep tech is still evolving. At the same time, I’ve tried to channel that into being even more rigorous in how I communicate what we’re building. In many ways, that level of preparation has also been an advantage.
From your perspective, how has the ecosystem evolved for women founders over the past five years? Where has real progress happened, and where does the gap remain?
Over the past five years, I’ve seen meaningful progress in visibility and support for women founders. There are more role models, stronger networks, and a growing recognition that diverse leadership leads to better innovation. We’re also seeing more women entering entrepreneurship and greater representation within venture firms, which helps broaden perspectives in funding decisions.
At the same time, one of the most encouraging shifts is the growing number of successful women founders and leaders who are reinvesting, as angels, operators, and fund managers, and are intentionally backing other women.
“One encouraging shift is the growing number of women founders and leaders who are reinvesting, as angels, operators, and fund managers and are intentionally backing other women.”
That creates a powerful flywheel effect, where experience, capital, and mentorship circulate within the ecosystem and help unlock opportunities that may not have existed before. However, the biggest gap remains access to capital. Globally, startups founded solely by women still receive only about 2–3% of venture funding, which shows that while awareness has improved, allocation hasn’t fully caught up. There’s also still a tendency towards familiar founder profiles, particularly in sectors like deep tech where perceived risk is higher.
What’s encouraging is that the conversation has shifted; inclusion is increasingly seen as central to innovation rather than peripheral.
Looking back, what fundraising or strategic decisions would you approach differently today?
Looking back, one area I would approach differently is how we communicate what we’re building. As a team, we’ve always been very focused on execution. We build a lot, often pushing deeply on technology and solving complex problems, but we haven’t always expressed the full extent of that work as clearly or as frequently as we could have.
That’s an area we continue to actively work on. If I were to do it again, I would be more deliberate about articulating progress, milestones, and the broader narrative around the vision, especially in fundraising contexts where clarity of communication shapes how others understand momentum. In deep tech, where much of the work happens beneath the surface, translating technical depth into a clear story is critical.
I would also place earlier emphasis on ensuring that stakeholders fully appreciate not just what we are building, but the pace and rigour behind it.
Entrepreneurship can be all-consuming. How do you approach balancing the demands of building a company with your personal life?
If I’m being honest, building a company can be all-consuming, and I do tend to focus a lot on work. I wouldn’t say I have a perfect work-life balance. When you’re deeply invested in solving hard problems, especially in deep tech, it’s easy for the lines to blur.
“I prioritise getting enough sleep, no matter how busy things are, because clarity of thinking and decision-making depend on it.”
I’ve learned to hold on to a few non-negotiables that help me stay sustainable. I prioritise getting enough sleep, no matter how busy things are, because clarity of thinking and decision-making depend on it. I’m also quite intentional about limiting distractions; for example, I’m not very active on social media, which helps me stay focused and protect my mental bandwidth. While the journey is demanding, paying attention to these small habits helps me stay grounded and continue showing up with focus and resilience.
Funding for women-led startups remains disproportionately low. What structural changes would actually move the needle?
Funding disparities for women founders are often discussed as a pipeline issue, but in my view, they are fundamentally structural. Globally, startups founded solely by women still receive only around 2-3% of venture capital, a figure that has remained stubbornly low despite growing awareness. One underlying issue is how risk is evaluated: research shows female founders are more likely to be asked prevention-focused questions about risks, while male founders are asked about growth and upside, shaping investment outcomes from the start.
Research shows female founders are more likely to be asked prevention-focused questions about risks, while male founders are asked about growth and upside.
If we’re serious about change, structural shifts are critical. First, increasing diversity within venture firm decision-making roles is essential. When investment committees are more representative, pattern recognition expands and more ideas get funded.
Second, more capital must be allocated to women-led funds and emerging managers, as evidence shows funding flows more equitably when women are on the investor side. Access to networks and follow-on capital must also improve, since many women founders face compounding disadvantages beyond the first cheque.
Finally, we must shift the narrative from “supporting women founders” to recognising them as a source of competitive advantage, as diverse teams consistently perform strongly and generate higher returns.
How can male allies in VC and entrepreneurship better support women founders?
One of the most meaningful ways male allies can support women founders is by recognising that leadership and communication styles can differ, and that difference shouldn’t be misinterpreted. Women may often take time to think through responses more deliberately, and what might be perceived as hesitation can simply be deeper reflection and careful consideration.
Creating space for diverse approaches allows more thoughtful and sustainable leadership to thrive. Male allies can play an important role by being more intentional about listening, placing less emphasis on dominating the conversation, and creating room for different perspectives to be heard.
Being mindful of how feedback is interpreted and how decisions are framed can make a difference. Beyond that, continuing to open networks and advocate for fair evaluation helps create a more inclusive environment.
How important are women-led angel networks and VC funds in closing the gap?
Women-led angel networks and VC funds are incredibly important in closing the gap because they often bring a deeper understanding of the experiences and challenges women founders navigate. Engaging with women-led investors can create a sense of alignment, with more nuanced conversations and stronger appreciation for leadership styles, risk profiles, and market opportunities that may otherwise be overlooked.
In many industries, women remain underrepresented in leadership roles. For women building in India today, what’s your advice?
My advice to women building in India today is to stay deeply grounded in your vision and not let external expectations define the scale of what you aim to build. Research in psychology consistently shows that, on average, women tend to score higher on measures of cognitive empathy, the ability to understand others’ perspectives, which can be a real strength in leadership, leading to more thoughtful decision-making and stronger team alignment.
At the same time, breaking barriers sometimes requires taking bold steps, backing your conviction, and moving forward even when you may believe in the path ahead. Balancing empathy with decisiveness is key. Most importantly, don’t limit your ambition.
