The objective of Look AI Ventures is to focus on promising AI initiatives on the European market, specializing in the CEE area.
Synthetic intelligence (AI) start-ups throughout Central and Jap Europe acquired a lift this week with the launch of a brand new funding devoted completely to AI options.
Prague-based AI Begin-up Incubator’s (AISI) Look AI Ventures is the primary such funding fund in Czechia to focus solely on AI start-ups, and is trying to elevate 20 million euros to put money into early-stage corporations addressing main markets with AI-driven options at their core.
Over the previous 5 years, AISI has constructed its personal scouting community, distinctive analysis strategies, and processes particularly designed for the AI trade. By specializing in modern corporations within the pre-seed and seed phases with excessive potential for progress and utility of AI know-how in key sectors, AISI has efficiently added 9 AI start-ups to its portfolio.
In response to PwC, AI has the potential to contribute as much as 15.7 trillion US {dollars} to the worldwide economic system by 2030.
Nevertheless, regardless of AI being one of many fastest-growing know-how industries worldwide, North America and China primarily account for essentially the most vital financial beneficial properties. Because of the quickly rising variety of beneficial funding alternatives in AI, AISI companions determined to ascertain a fund of certified traders. Their objective is to focus on promising AI initiatives on the European market, specializing in the CEE area.
A confirmed megatrend
“Synthetic intelligence is in a singular scenario,” says Martin Dostál, Chief Science Officer and Accomplice at AI Begin-up Incubator and a member of the Look AI Ventures Funding Committee.
“On the one hand, it’s a confirmed megatrend, however on the identical time, it’s removed from reaching its full potential. Concerning the financial scenario, we view the timing of the market as extraordinarily beneficial, given there are high-quality initiatives underneath a lot better circumstances than lately.”
Look AI Ventures fund (LAIV) SICAV incorporates all AISI know-how, a community of contacts, and companions into its construction, together with an present portfolio of 9 start-ups together with profitable initiatives akin to Trackbar from Austria or Swiss Visense.
Along with funding, the AISI workforce gives mentorship – enterprise and technical help within the synthetic intelligence sphere – to the start-ups inside its portfolio.
“A fund targeted on AI is sweet information for start-ups that develop deep tech and are searching for traders who perceive them from a know-how perspective,” says Ivo Denemark, director of the Begin-ups and Revolutionary SMEs Division at CzechInvest.
“Such a strategic companion can higher perceive the potential and worth of the startup. On the identical time, they will carry not solely finance but additionally trade know-how to the expansion of start-ups”.
Disruptors wished
The LAIV fund was established by an skilled workforce of managers, entrepreneurs, and know-how and synthetic intelligence specialists.
The founders are main Czech traders with over 20 years of expertise: Daniel Kunz, Pavel Rosendorf, and Alexander Brányik.
The workforce additionally consists of AISI companions Martin Havlík, Martin Dostál, and Angelo Burgarello, who’re members of the LAIV Funding Committee and handle the scouting and analysis processes of investments.
The LAIV fund focuses on AI start-ups in pre-seed and seed phases with the potential to disrupt main industries. The focused funding quantity in a single start-up is 250.000 euros, with the opportunity of reinvesting as much as a million euros into start-ups that may present the most important potential within the following years.
The workforce goals to construct the LAIV fund’s portfolio of not less than 35 start-ups over the following three years. The fund is at the moment within the technique of fundraising.
