Andrew Ng’s AI Fund, a startup incubator supporting teams using AI to solve key problems, aims to raise over $120 million for its second fund. The SEC filing shows $69.75 million raised so far, with Ng being a prominent figure in the AI community. Ng founded the AI Fund in 2018 with $175 million, focusing on seed and series A funding for companies. Initial backers included Greylock Partners, NEA, Sequoia Capital, and SoftBank Group. The fund has invested in companies like WhyLabs, Landing AI, and Baseten. The second fund, AI Venture Fund II, is smaller than the first but exceeds Ng’s initial target of $50 million. This may indicate a deflation in the AI bubble, especially in generative AI, with dealmaking declining in recent quarters. Enterprise reluctance towards generative AI is also evident in surveys showing concerns about productivity gains and data compromises. Companies are finding generative AI challenging to implement at scale, leading to cautious decision-making by executives. Overall, the AI Fund’s success and the challenges faced by the AI industry reflect the evolving landscape of AI investment and adoption.
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Andrew Ng to raise $120M for new AI Fund #investment
