Andrew Ng intends to raise $120M for his next AI Fund

Andrew Ng’s AI Fund, known for backing small teams leveraging AI to solve significant challenges, is gearing up for its second fund, AI Venture Fund II, aiming to raise over $120 million. According to an SEC filing, the fund has already secured $69.75 million from 13 partners, leaving approximately $50 million yet to be invested. The AI Fund declined to comment on these developments.

Ng, renowned for his roles at Google Brain, Coursera, and more recently as an Amazon board member, has been a prominent figure in the AI community. After departing from Baidu in 2017, he launched several AI initiatives, including the DeepLearning.ai educational platform and Landing AI, which focuses on AI tools for manufacturing.

The AI Fund, initiated in 2018 with $175 million, operates under Ng’s leadership, supporting startups at early stages such as seed and Series A. The fund allows teams to develop their projects discreetly until they are ready for broader exposure, leveraging Ng’s extensive professional network.

Initial backers of the AI Fund included Greylock Partners, New Enterprise Associates, Sequoia Capital, and SoftBank Group. The fund’s portfolio spans 38 companies, including WhyLabs for AI observability, Landing AI itself, and Baseten for AI app development.

While AI Venture Fund II’s targeted $120 million is smaller than its predecessor, it exceeds Ng’s initial fundraising goal of $50 million for this follow-up effort, underscoring continued investor confidence in AI-driven innovation.