![A digital outline of a brain on a purple background.](https://www.siliconrepublic.com/wp-content/uploads/2023/03/AdobeStock_376409390-718x523.jpeg)
Image: © Who is Danny/Stock.adobe.com
Founded by Microsoft co-founder Paul Allen, the institute wants to ‘drive a new wave of AI-first innovation’ with its latest fund.
The Allen Institute for Artificial Intelligence has raised $30m in funding for start-ups innovating in AI-based technologies.
Established in 2014 by the late co-founder of Microsoft, Paul Allen, the Allen Institute is a research organisation that is on a mission to “contribute to humanity through high-impact AI research and engineering”.
Backed by big names in investing, including Madrona, Sequoia Capital, Khosla Ventures and Evergreen Gavekal Ventures, the fund will be used to invest in AI-focused start-ups born out of the institute’s incubator programme.
“With Fund II, our community is poised to drive a new wave of AI-first innovation that will transform our world,” said Jacob Colker, managing director of the AI2 incubator, in a post on LinkedIn.
“With years of new resources, we are ready to partner with the next generation of visionary entrepreneurs to help them turn their bold ideas into game-changing companies.”
The AI2 incubator is the Allen Institute’s flagship programme for AI start-ups.
“We partner with entrepreneurs that use revolutionary AI models to create products that people love,” Colker explained, adding that AI2 acts as a “small minority co-founder” that invests an average of $600,000 and provides up to 12 months of general start-up support.
“This culminates in helping start-ups raise millions of dollars of seed funding. We also offer significant additional benefits that are unique to founders that are building an AI-first company.”
This includes a “strategic relationship” with the AI2 Research Institute, a private community of more than 100 AI-first founders and executives.
“Ultimately, AI-first companies have unique challenges, and it takes real expertise to overcome and win. It’s so much more than slapping a front-end skin on top of an API.”
Headquartered in Seattle, AI2 is backed by $100m in annual funding, according to GeekWire, and employs more than 200 AI researchers, engineers, academics and other staff.
In general, start-ups focusing on AI technologies have raised more than $19bn this year, according to Crunchbase data, putting 2023 on track to exceed the nearly $42bn funding raised by the sector last year.
10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.