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Laxman Pai, Opalesque Asia: Bay Area-based venture capital firm SignalFire has raised $1 billion for its fifth and largest fund, which it will invest in applied AI companies.
The new funds bring the San Francisco-based firm's assets under management to $3 billion. The firm's prior fund, announced in February 2023, was slightly smaller at $900 million, according to a media release from the data-driven venture firm. It will use that cash to back early-stage startups across several funds, with a particular focus on companies building AI applications.
"We founded SignalFire in 2013 when most investors dismissed the idea that machine learning could be applied to early-stage investing," said the statement from the first venture capital firm built like a technology company to solve the needs of founders better.
"That early conviction in AI for venture capital (VC) turned into a 12-year head start for our team, which now leads the industry in applying this technology to all aspects of the VC process-from deal sourcing and execution to value creation for our portfolio companies," it added.
SignalFire was first built as an applied AI company, using data and novel machine-learning techniques to disrupt the VC industry. Since then, it has seen firsthand how AI can transform other spaces, from medical coding(CodaMetrix) to personal injury law (EvenUp), writing and productivity (Grammarly), and beyond. The innovation it invests in goes far beyond better a...................... To view our full article Click here
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