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Sound Ventures, a enterprise capital agency targeted on investing in transformative applied sciences, has introduced as we speak it has closed its oversubscribed Sound Ventures AI Fund at practically $240 million. Led by Normal Companions Effie Epstein, Ashton Kutcher and Man Oseary, Sound Ventures managers over $1 billion in property underneath administration throughout funds.
The fund is seeking to put money into synthetic intelligence companies on the basis mannequin layer, and its present portfolio consists of main AI corporations OpenAI, Anthropic and StabilityAI.
These three corporations have raised important quantities of funding over the past yr. Final yr, Anthropic raised $580 million in a Sequence B spherical. Lately, OpenAI closed a $300 million share sale at a $ 27 billion-$29 billion valuation, whereas StabilityAI is seeking to increase funds at a $4 billion valuation following a $101 million funding spherical final October.
Ashton Kutcher stated in a press launch that the VC agency believes that synthetic intelligence is “doubtlessly probably the most important know-how we are going to expertise because the creation of the web,” and that basis mannequin layer corporations are defining the class. He added that Sound Ventures desires to be a part of the dialog.
This comes as generative AI intersects with know-how and leisure, the 2 industries through which the Sound Ventures crew has deep expertise. Kutcher is a widely known actor, whereas Man Oseary is a good expertise supervisor of legendary music acts, together with Madonna, U2, in addition to blue-chip NFT initiatives equivalent to World of Ladies and Bored Ape Yacht Membership.
“We anticipate that AI goes to play an impactful position in every little thing we do – together with leisure, an business we all know properly. The businesses we’re backing will likely be on the forefront of this highly effective innovation, and Sound Ventures is happy to carry our distinct experiences and connectivity to responsibly help these AI foundational platforms,
stated Man Oseary, Normal Companion at Sound Ventures.
Effie Epstein claimed that Sound Ventures has been investing in AI for the previous decade. The Sound Ventures AI Fund will make investments alongside Sound’s early-stage funds. The VC’s prior investments embrace Airbnb, Uber, Flexport, Brex, GitLab, Airtable, Affirm, Forethought, and You.com.
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