In related news, IBM has also launched a $500 million venture fund to invest in AI companies, particularly those accelerating generative AI technology and research for enterprises. The fund aims to provide startups with opportunities to establish partnerships with IBM, gain operational expertise, and develop go-to-market strategies.
Key takeaways:
- Menlo Ventures has raised $1.35 billion to invest in early-stage artificial intelligence (AI) ventures, with the capital to be split between early-stage fund Menlo XVI and early growth fund Menlo Inflection III.
- Menlo's partner Matt Murphy emphasized the firm's focus on early-stage AI companies and noted that despite a challenging fundraising landscape, Menlo could generate large funds due to its track record and early-stage investment focus.
- More than 40 venture capital firms, including General Catalyst, Felicis Ventures, Bain Capital, IVP, Insight Partners and Lux Capita, have signed voluntary commitments on how the startups they back should develop AI technology responsibly.
- IBM has also launched a $500 million venture fund to invest in AI companies, particularly those working on accelerating generative AI technology and research for the enterprise.