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Mamoon Hamid and Ilya Fushman of Kleiner Perkins: "More than 80%" of pitches now involve AI | TechCrunch

Feb 03, 2024 - techcrunch.com
Mamoon Hamid and Ilya Fushman, two VCs who were brought in to reboot Kleiner Perkins six years ago, have reportedly accomplished their mission to burnish the brand. Among Kleiner’s recent bets are Rippling, valued at over $11 billion last year, Loom, recently acquired by Atlassian for just under a billion dollars, and Figma, which narrowly missed being acquired by Adobe for $20 billion. The firm is also heavily investing in AI, with over 80% of their pitches being AI-related.

Despite the influx of capital into the venture industry in recent years, Hamid and Fushman have maintained a contrarian approach, focusing on early-stage startups with a small team. They believe this is more of a boutique business than some of the larger players. The firm is also investing in AI, with Hamid stating that there is no better time to be alive and to invest in startups due to the step-function change in productivity that AI brings.

Key takeaways:

  • Mamoon Hamid and Ilya Fushman, partners at venture firm Kleiner Perkins, discussed their approach to investing and the impact of AI on the industry at a recent StrictlyVC event.
  • They highlighted their focus on early-stage startups and a contrarian approach to the flood of capital into the venture industry in recent years.
  • Hamid and Fushman also discussed the challenge of hiring in the AI space, with big tech companies offering multimillion-dollar packages to retain talent.
  • They revealed that more than 80% of the pitches they receive involve AI, and they expect the next big computing platform to be a wearable device.
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