As investment in AI sets records, another fund joins the fray
August 16, 2017
A new AI-focused investment vehicle founded by Andrew Ng called the AI Fund has set a target of $150 million, per an SEC filing. Ng was head of AI for Chinese search giant Baidu until March, when he announced his departure in a blog post. Although he didn't lay out plans for the fund at that time, Ng did indicate he'd continue working in the sector.
Ng's AI Fund is the latest in a string of VC vehicles dedicated to the industry. Google recently launched a VC program that will make investments of $1 million to $10 million in AI companies, and Microsoft announced its own AI-focused fund last year. The new funds come as investment in the industry is on a sharp and steady upswing, per the PitchBook Platform. Investment in AI and machine learning has skyrocketed since 2012, with 2017 on pace to soar past last year's record numbers.