AI celebrity Andrew Ng has spent the previous yr launching a handful of latest initiatives, and now he’s at it once more with the AI Fund, a startup incubator that may again small groups of specialists seeking to clear up key issues utilizing machine studying.
The fund has $175 million in its conflict chest to fund AI startups that come up inside its partitions. Rather than herald exterior startups and supply them with funding, Ng’s imaginative and prescient is to have small groups engaged on tasks that may evolve into bigger firms. It’s much like what he did at Baidu, the place he led the Chinese search big’s synthetic intelligence efforts.
Ng will function the incubator’s basic associate and lead the AI Fund’s course. Eva Wang, a former associate at nationwide regulation agency Fenwick & West, will function associate and CEO. The fund has some huge title backers, together with Greylock Partners, New Enterprise Associates (NEA), Sequoia Capital, and SoftBank Group.
The AI Fund at the moment has a number of groups investigating a lot of drawback areas. Ng didn’t disclose what number of groups there are or the areas they’re working in, however privateness is without doubt one of the proposed advantages of the fund. Rather than asking groups to spend time exhibiting their merchandise to traders and different members of the general public, the incubator permits them to work in relative stealth till they’re prepared.
One firm meets that first barrier to readiness: Ng’s startup Landing.ai. That firm, which he unveiled final yr, focuses on creating machine studying functions to assist manufacturing companies compete.
Ng sees this as the appropriate time time for one thing just like the AI Fund, since there are many traders attempting to hitch their monetary wagons to the clever way forward for computing. What’s extra, he thinks the groups the fund can be backing have a shot towards bigger gamers available in the market due to the experience wanted to successfully deploy AI in manufacturing.
The Fund can be centered on offering funding on the seed and collection A levels of an organization’s lifecycle, and startups that emerge from its incubation may also get pleasure from accessing Ng’s skilled community relating to elevating cash sooner or later.
This article sources data from VentureBeat