Andrew Ng Aims to Secure $120M for Upcoming AI Fund
Ng founded the AI Fund with an initial investment of $175 million to support startups in the seed and Series A stages.
Andrew Ng, a prominent figure in the AI community, is set to raise over $120 million for the second iteration of his AI Fund, a startup incubator dedicated to backing small teams of experts tackling key problems using artificial intelligence. This development comes as the AI Venture Fund II, as it is known, has already garnered $69.75 million from 13 partners, according to an SEC filing. This leaves around $50 million still to be raised. Ng's AI Fund has declined to comment on the fundraising efforts.
Ng is renowned for his contributions to the field of AI, notably founding the Google Brain project and co-founding Coursera. He also recently became a member of Amazon's board. His tenure as chief scientist at Baidu in 2014 solidified his impact, and upon his departure in 2017, he launched several AI initiatives, including the DeepLearning.ai course and Landing AI, which provides AI solutions for manufacturing firms.
In 2018, Ng founded the AI Fund with an initial investment of $175 million to support startups in the seed and Series A stages. The approach enables teams to refine their projects in stealth mode before launching, leveraging Ng's vast professional network. Prominent supporters of the fund include Greylock Partners, New Enterprise Associates, Sequoia Capital, and SoftBank Group. The AI Fund's portfolio comprises 38 companies, featuring the AI observability platform WhyLabs, Ng's Landing AI, and the AI app-building tool Baseten.
The AI Venture Fund II, projected to raise $120 million, is notably smaller than its predecessor but still significantly exceeds the initial goal of $50 million for the follow-up fund. This move could indicate a shift in the AI investment landscape, particularly in the generative AI segment.
