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Bailey McCann, Opalesque New York: Cathay Innovation has closed its latest venture capital fund on $1 billion, making it the largest AI-dedicated fund out of the European Union.
While headquartered in France, the fund invests across Europe, the U.S., and Asia in vertical AI solutions in four key sectors: digital health, fintech, consumer and mobility / energy.
Known investors in the fund include Sanofi, TotalEnergies, Valeo, BNP Paribas Cardif, Groupe SEB and Groupe ADP (Paris Aeroport) since first closing, joined by several international industry players including Vale Ventures, Copec WIND Ventures and others.
Cathay Innovation's global platform connects startups with its corporate ecosystem, a broad network of 20+ Fortune 500 corporations to facilitate deeper industry collaboration. This includes strategic partnerships, co-investments or other business development opportunities.
"Fund III represents a new kind of VC fund built for the AI era, with the capital and ecosystem needed for real industrial and societal change," said Denis Barrier, Co-founder of Cathay Innovation. "AI is a general-purpose technology-like electricity- not offering incremental improvements, but with the potential to reinvent entire industries."
Focusing on Series A, B and late-stage startups, Fund III invests between $5 and $100 million, leading or co-leading rounds and reserving capital for follow-on support. To date, it has invested in 14 startups acro...................... To view our full article Click here
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