Silicon Valley VC agency Menlo Ventures, one of many greatest buyers in synthetic intelligence startup Anthropic, on Wednesday stated the 2 firms are teaming as much as arrange a $100 million initiative dubbed “the Anthology Fund” to put money into pre-seed and Series A synthetic intelligence firms.
Menlo lately climbed to the highest of Anthropic’s checklist of backers, closing a yet-to-be-announced, over $750 million funding spherical within the basis mannequin firm, in accordance with a supply accustomed to the matter.
The capital for the Anthology Fund is a carve-out of Menlo’s newest $1.35 billion car, which the agency raised final November, Matt Murphy, a companion at Menlo Ventures, informed TechCrunch.
“We’re one of the biggest investors in Anthropic and huge fans of what they’re doing,” Murphy stated. “We thought this was an opportunity for us to do something together, where we can see the ecosystem and find great companies that are building on Anthropic or AI more broadly.”
The enterprise agency is actually leveraging its funding and shut relationship with one of many world’s most distinguished foundational mannequin firms to determine fascinating AI-first startups for future investments.
The Anthology Fund will write checks beginning at $100,000 in startups and supply them with $25,000 value of credit to make use of Anthropic’s fashions.
The fund is accepting purposes from startups by means of a web based kind. Menlo will use the agency’s proprietary machine studying instrument to attain and rank purposes, Murphy stated, including that the diligence course of on these firms is predicted to be extra “lightweight” than for a typical funding by the agency.
Menlo will again any subsequent rounds raised by promising Anthology Fund firms, Murphy stated.
