Anthropic, an artificial intelligence startup renowned for its AI chatbot Claude, has joined forces with Menlo Ventures, a venture capital firm, to establish a $100 million fund supporting emerging AI companies.
Announced on July 18, the Anthology Fund aims to drive innovation in generative AI technology across various sectors.The fund will focus on five key areas: infrastructure, novel applications in industries such as healthcare and education, consumer AI solutions, trust and safety tools, and AI technologies that benefit society. This strategic approach reflects the partners’ commitment to fostering a diverse and impactful AI ecosystem.
In their official announcement, the partners stated, “We created this fund to fuel the next generation of AI startups through the powerful combination of Menlo’s extensive company-building experience and Anthropic’s pioneering AI technology and deep research expertise. Through this collaboration, we aim to catalyze innovation and shape the future of artificial intelligence in the startup ecosystem.”
Beneficiaries of the Anthology Fund will gain access to Anthropic’s products and research, $25,000 in credits for their AI models, and additional support from Menlo Ventures.
The launch of the Anthology Fund comes at a time of significant growth for both partners. Anthropic recently expanded its reach by releasing its latest model, Claude 3, to European users on May 14, addressing previous access limitations. Meanwhile, Menlo Ventures closed a substantial $1.35 billion funding round in November 2023, bringing its total raised capital to approximately $4 billion for supporting next-generation AI firms.
This partnership between Anthropic and Menlo Ventures represents a major step forward in their shared mission to advance AI innovation and support promising startups in the field. The initiative aligns with a broader global trend of fostering tech innovation and attracting startups to various tech hubs.
In a related development highlighting the global competition for tech talent, Hong Kong officials made a strong pitch at the Collision 2024 tech conference in Toronto, aiming to attract Canadian crypto and Web3 startups to establish themselves on the island. Emily Mo, director of the Hong Kong Economic and Trade Office in Toronto, emphasized the city’s startup-friendly regulations, competitive tax rates, and support for pre-commercial specialist technology companies, positioning Hong Kong as an attractive destination for innovative tech firms.
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