December 2024

At Agna, FY24 marked a pivotal inflexion point as we built our institutional playbook.

When it comes to DeepTech, as humans, we either Build, Contribute, or Consume—a cycle that defines our relationship with innovation. 

Building requires conviction, grit, skills, and resources; Contribution thrives on willingness and commitment; and ultimately, Consumption becomes the inevitable outcome of this relentless pursuit of progress.

Agna is committed to Building a thriving DeepTech ecosystem by Contributing to the founders and investors through shared knowledge, and partnerships with universities in the Middle East and India—preparing for DeepTech’s inevitable Consumption.

Agna’s journey has been one of first-principle thinking and deliberate attention to even the smallest details, guided by a sharp focus on our Dharma—the right path defined by our inner compass—and our Karma—the purposeful actions we take. It’s about standing at the edge of the unknown, ready to leap into a void filled with endless possibilities.

We always reflect on this as a “Manthan”—the mythological churning of oceans, as per Hindu tradition, that brought about extreme riches and the worst of poisons. Goddess Lakshmi emerged out of this sacred churn, i.e., Manthan. Goddess Lakshmi is the bestower of wealth and prosperity—the same wealth that we seek for our LPs, Founders, Team members, Service providers, and all of humanity!

The Agna Manthan outlines the chronology of events—starting with meticulous preparation, moving through the dynamic churn of Manthan, and guided by the principles of Dharma-Karma—transforming DeepTech possibilities into impactful realities.

The Agna Museletter – our monthly newsletter – became our bridge to share cutting-edge insights and ignite meaningful conversations around emerging technologies. Each edition was thoughtfully curated to embody our belief in the transformative power of DeepTech.

Throughout the year, we explored pivotal themes shaping our world:

1. Quantum Computing in Space 

In our inaugural May 2024 edition, we explored a future where quantum technologies would revolutionise space exploration and science. Firstly, we focussed on answering a key question ‘What can space offer quantum computers that Earth cannot?’.

We began with a key question: What can space offer quantum computers that Earth cannot? We then discussed innovations that could emerge from combining quantum technologies with space exploration, such as efficient propulsion, better debris tracking, advanced climate modelling, secure quantum communication, improved space manufacturing, smarter data analysis, and a deeper understanding of astrophysical phenomena. 

As quantum technology advances and merges with space science, it could lead to breakthroughs in sustainable exploration, interstellar connectivity, and more importantly finding answers to the fundamental understanding of the universe! The piece concludes with a thought-provoking reflection on humanity’s connection to the cosmos, inspired by the themes of Interstellar.

2. How Gaming is Levelling Up

In our June edition, we examined how gaming is transcending its roots as mere entertainment to emerge as a multibillion-dollar global phenomenon- a money-spinner, a cognitive enhancer, and a tribe builder, influencing various aspects of culture, technology, and the economy. From arcade classics to immersive VR and AI-enhanced experiences, gaming has evolved into a platform that fosters cognitive development, global communities, and real-world opportunities.

With emerging trends in AI-driven game development, mobile gaming, blockchain, and hyperspecialised indie game studios, the industry offers significant investment potential, particularly in markets like India, the UAE, and Southeast Asia. As the gaming industry continues to evolve, its impact on culture, technology, and the economy is poised to grow, shaping the future of digital interaction and connectivity.

3. Artificial Intelligence or Augmented Ingenuity

In this edition, we highlighted how advancements in computing power, big data, and AI models, combined with critical innovations in semiconductor technology, GPUs, and edge computing are driving sophisticated AI applications across industries. With global data projected to increase tenfold by 2025, AI is revolutionising fields such as healthcare, space exploration, climate tech, and national security. Tools like Viz.ai are achieving 95% accuracy in disease detection, Tempus is accelerating advancements in oncology, and Shield AI’s autonomous drones are enhancing operational capabilities.

Despite these significant strides in AI over the last decade or so, we are still in the early stages of this journey. Current AI solutions are predominantly ‘narrow’, operating under programmed rules, while artificial general intelligence (AGI), where machines would truly imitate human cognition, is still a distant goal. Ethical concerns and autonomy risks, as noted by Geoffrey Hinton, often called the Godfather of AI, underscore the importance of ethical oversight and the careful alignment of AI development with societal values to mitigate potential risks.

4. Engineering the Future

This edition underscores engineering’s transformative role in driving human progress, from historical achievements like Roman aqueducts to modern wonders like the Burj Khalifa and the International Space Station. It explores how disciplines like mathematics and geometry serve as the foundation for innovation, enabling advancements such as 3D printing, which accelerates prototyping while reducing waste, and biomimicry, which draws inspiration from nature to solve complex challenges. The role of engineering in sustainable mobility, climate tech, and national security is also emphasised, with emerging technologies offering solutions to critical global challenges.

5. The power of Rockets, Jets, and Chips 

In this edition, we spotlighted how India, the UAE, and KSA are emerging as key global players in Aerospace, defence, AI, Semiconductor & allied industries—industries vital to economic growth and national security.

India’s space program, driven by ISRO and initiatives like the $10B Semicon India Program, is fostering self-sufficiency. The satellite launch market is expected to hit $3.5B by 2033, while defence exports have grown 23-fold since 2014 under Make in India.
The UAE, aiming to be a global AI hub by 2031, is advancing SpaceTech through its National AI Strategy, the $816M National Space Fund, and ambitious missions like the Emirates Mission to the Asteroid Belt.

KSA, through Vision 2030, is investing $40B in AI, advancing its semiconductor capabilities, and aiming to localise 50% of defence manufacturing. Space initiatives led by NEOM and the King Abdulaziz City for Science and Technology are driving innovation.

As these regions continue to build upon these sectors, they are not just advancing technologically—they are positioning themselves at the forefront of innovation, with their strides sending a clear signal of their growing influence and ambition on the world stage.

6. Cell-ebrating Life

Here we touched upon how Frontier Technologies are transforming health and conservation, driven by innovations like AI, gene editing, and synthetic biology. Communities such as Vitalia and Zuzalu are pioneering life-extension research, with companies like Altos Labs and NewLimit leading the way in cellular reprogramming. AI tools like virtual cells and CRISPR are enabling breakthroughs in personalised medicine and ecosystem restoration, including the revival of extinct species.

These advancements are supported by regulatory shifts, such as the FDA’s Breakthrough Devices and EMA’s PRIME, speeding up critical treatment approvals. The AI healthcare market is expected to grow from $11.6B in 2023 to $31.4B by 2030, reflecting the rapid integration of frontier technologies into healthcare.

7. The Infinite Quest for Energy

In the latest edition, we talked about how energy demand is projected to grow by 18% by 2050, driven by urbanisation, population growth, and technologies like AI and blockchain, with data centres alone consuming 9% of global electricity. We delved into the evolution of energy resources from fire to fossil fuels and the resurgence of renewables with solar, hydrogen and nuclear emerging as key contenders for meeting our future energy needs. Solar energy could supply 40-60% of global power by 2050, hydrogen may meet 4%, and nuclear could provide 20% of U.S. electricity. Space-based energy, such as orbital solar power and nuclear propulsion, presents exciting prospects. Challenges like intermittency, cost, and scalability remain, requiring integrated solutions combining solar, hydrogen, and nuclear, along with AI-powered smart grids for efficient energy distribution. Small Modular Reactors (SMRs) are showing potential to cut costs and construction times, while EU smart grid investments of €6B annually aim to save €9B and avoid 42 TWh of curtailment. Innovations in storage, like solid-state and flow batteries, tackle renewable intermittency. Achieving Net-Zero by 2050 demands technological integration, strong policies, and global cooperation

Data is the new oil, and knowledge is the new power. In a rapidly evolving world where technology permeates at breathtaking speed, the ability to navigate complex, interconnected disciplines is key. At Agna, we believe in continuously refining our skills and perspectives to make superior decisions. This requires churning through rich, long-form content that offers profound insights into the evolution and mechanics of the new world order.

This year, several books left a lasting impression on us. Here are a few that stood out: