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The founder of the Google Brain deep learning project and co-founder of Coursera Andrew Ng has raised more than $175 million for his new AI fund. Ng and his team will use the collected money to launch new businesses and start new companies. NEA, Sequoia, Greylock Partners, the SoftBank Group and other companies invested in the new fund. Ng will lead the initiative as a general partner, with Eva Wang contributing as partner and COO and Steven Syverud on board also as a partner.
One of my philosophies of building companies is the importance of velocity. Depending on the vertical, I really value the ability to inject velocity into that positive feedback loop.
There is so much capital globally that wants to go into AI, so frankly, our fundraising process was very painless. If you see this wave of value creation coming, there aren’t a lot of investment vehicles for them. If you look around the world, there are only some investors to really build AI businesses.
He states that building AI businesses is a more repeatable process than working on other startups. Ng will generate teams that will immediately start experimenting with new ideas.
The first announced project Landing.ai and there are two more projects in the works. The team has a focus on the societal impact of AI, with an idea of retraining the existing workforce to create “not just a wealthier but also fairer society.”