Andrew Ng plans to raise $120 million for his next AI Fund

Andrew Ng’s AI Fund, known for incubating startups focused on solving key challenges using AI, is gearing up to raise over $120 million for its second fund, AI Venture Fund II. According to a recent SEC filing, the fund has already secured $69.75 million from 13 partners, with approximately $50 million still to be invested.

Founded by Andrew Ng, a prominent figure in the AI community renowned for his work at Google Brain, Coursera, and Baidu, the AI Fund initially launched in 2018 with $175 million. Ng serves as the managing member of the general partner for AI Venture Fund II, continuing his role in guiding the fund’s strategic direction.

The AI Fund focuses on providing early-stage funding at the seed and Series A stages to AI-driven startups. It operates with a strategy that allows startups to operate discreetly until they are ready to emerge, leveraging Ng’s extensive network to support their growth and development. The fund’s portfolio includes a diverse range of companies such as AI observability platform WhyLabs, Ng’s own venture Landing AI, and Baseten, a tool for building AI applications.

Initial backers of the AI Fund include prominent venture capital firms like Greylock Partners, New Enterprise Associates, Sequoia Capital, and SoftBank Group. The fund’s approach underscores its commitment to fostering innovation in AI by supporting emerging companies poised to make significant impacts in various industries.