Andrew Ng’s AI Fund aims to raise $120 million for its second venture, AI Venture Fund II, after securing $69.75 million from 13 partners. Ng, renowned for his contributions to Google Brain, Coursera, and as Baidu’s ex-chief scientist, launched the AI Fund in 2018 with $175 million to support early-stage AI startups. The fund has backed 38 companies, including WhyLabs and Landing AI. Despite the hype around generative AI, recent data from PitchBook indicates a significant decline in early-stage AI dealmaking, reflecting a broader market cooling. This skepticism is echoed in Boston Consulting Group surveys where many C-suite executives express doubts about generative AI’s productivity gains and potential risks. Ng’s new fund, though smaller than the first, underscores a strategic pivot amid a more cautious investment landscape. The reduced funding target suggests a recalibration of expectations as the AI sector matures and investors seek more concrete returns.
Andrew Ng’s AI Fund Seeks $120M for Second Venture Fund
Andrew Ng’s AI Fund aims to raise $120 million for its second venture.
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