Global VC investor Index Ventures, a backer of German AI unicorn DeepL and UK neobank leader Revolut, has raised $2.3bn across two new funds to double down on AI investments.
Along with its new $800m venture fund and $1.5bn growth fund, Index is also still investing out of a separate $300m seed fund.
The firm says that the new funds will have a strong focus on AI, at a time when the technology is developing at pace and the availability of talent globally is increasing.
“AI alone will revolutionise virtually every sector of the economy and open up whole industries to venture that have remained virtually untouched,” said Shardul Shah, partner at Index Ventures.
“Meanwhile, hundreds of thousands of people have worked in hypergrowth startups globally and can transfer those lessons to the next generation of companies.
“We’re energised by the unique opportunities that this historical moment presents.”
Index has historically focused on enterprise software, SaaS, fintech, marketplaces and consumer; but has done several AI deals recently. It was an early investor in French AI darling Mistral — which is now Europe’s most valuable startup in the field, at €5.8bn.
VC slowdown
At a combined $2.3bn, these two funds are smaller than the equivalent funds raised at the top of the market in 2021; a $900m venture fund and a $2bn growth fund, totalling $2.9bn.
Index has also slowed down its pace of deployment; the two new funds have arrived three years after the previous ones. In 2021, Index raised its venture and growth funds just one year after its predecessors.
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