This $50M fund will provide OurCrowd investors allocation into the next 20-25 AI technology opportunities approved by OurCrowd’s investment committee. The OurCrowd AI Fund will invest in startups developing proprietary, mission-centric AI as their core IP and a major driver of revenue as well as startups developing AI infrastructure which will be critical for the growth of AI companies and applications. The fund will also focus on companies developing generative AI across multiple sectors, including verticals such as MedTech, mobility, AgTech, cybersecurity, FoodTech, ClimaTech, LegalTech and FinTech, among others. The fund will also invest in companies that provide AI solutions to support key business categories across technology sectors, including customer operations, marketing and sales, software engineering, and R&D, to name a few examples.
Since the release of OpenAI’s ChatGPT in November 2022 the interest in artificial intelligence (AI) and particularly in generative AI has surged. The remarkable success of ChatGPT is a testament to the power of product/market fit. Launched on November 30th, 2022, it gained over 1M users in just 5 days and reached 100M users in just 2 months. This level of mass adoption for a technology product is unprecedented, way outpacing previous tech innovative waves such as the PC (it took Apple 14 years and Microsoft 10 years to attain 100M users), Internet (Amazon – 12 years, Facebook 5 years and Google raised the bar to 1 year), Mobile (Instagram – 30 months and TikTok – 9 months).
Much of the excitement and wonder about the recent AI wave is related to the scope of the opportunity ahead. In the words of a recent Goldman Sachs report, “Artificial intelligence may be one of the biggest technological leaps in history. It is poised to unlock new business models, transform industries, reshape people’s jobs, and boost economic productivity.”
Artificial intelligence (AI) is the world’s fastest-growing venture investment sector. AI technology is transforming multiple industries. The impact on our lives looks set to be comparable to the invention of electricity or the introduction of personal computing. The runaway success of ChatGPT, the fastest-adopted technology platform in history, suggests the appeal is enormous and the market potential is unprecedented.
There is a massive growth in AI and generative AI (GenAI) adoption. “Artificial intelligence may be one of the biggest technological leaps in history. It is poised to unlock new business models, transform industries, reshape people’s jobs, and boost economic productivity,” says Goldman Sachs. AI is transformative. The adoption of AI technologies is happening faster than any other technology in history accelerating in recent years with the development of big data and increases in computer processing power. It is poised to completely disrupt multiple industries. This is “AI’s iPhone moment”, to quote Michael Kagan, the CTO of NVIDIA. There is almost no major industry that AI has not affected.