Chaddha, who was an early investor in Lyft, Poshmark, and HashiCorp, prioritizes investing in people first and the market second. Mayfield Fund, which announced three funds in 2023 after ChatGPT launched, is investing in various areas of the AI “stack”. The firm has invested in companies like Frore Systems, Securiti, Revifi, MindsDB, Sema4.ai, LexCheck, Outreach, and Qventus. Chaddha sees the biggest impact of AI in customer support, product development, and search and discovery.
Key takeaways:
- Mayfield Fund 1 is investing in the rise of the cognitive workforce through AI-enabled tools for knowledge workers, including a service called NeuBird that adds an AI-enabled “teammate” to IT operations.
- Navin Chaddha, a managing partner at Mayfield, believes that technology is becoming more of a teammate than a tool, predicting that platforms like Slack will be active with many AI teammates.
- Mayfield Fund announced three funds in 2023 after ChatGPT launched, including a $580 million fund for Series A investments, a $250 million AI seed start fund, and a $375 million select fund for Series B opportunities.
- Chaddha, who has been an investor since 2004, sees the biggest impact of AI so far in customer support, product development, and search and discovery, and believes it will augment human capabilities and amplify creativity.