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Andrew Ng plans to raise $120M for next AI Fund

TechCrunchTechCrunch · 4m
Andrew Ng plans to raise $120M for next AI Fund

The AI Fund, a startup incubator founded by Andrew Ng, plans to raise over $120 million for its second fund, AI Venture Fund II. The SEC filing shows that the fund has so far raised $69.75 million from 13 partners. Ng, who is a prominent figure in the AI community and the founder of Google Brain, launched the AI Fund in 2018 with $175 million. The idea behind the fund is to provide funding to companies in the seed and series A stages, connecting them with Ng's extensive network. The second fund is expected to be smaller than the first, but still larger than the initial target of $50 million. This comes as generative AI dealmaking has declined in recent quarters, potentially due to enterprise reluctance and concerns about productivity gains and data compromises.

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