Anthropic and Menlo Ventures launch $100m fund for AI startups

Anthropic and Menlo Ventures have joined forces to set up the Anthology Fund for aspiring developers to make their mark on the evolution of artificial intelligence. 

The $100 million fund aims to support the advance of new AI technology for the particular benefit of humanity. 

The fund will concentrate on five key areas of focus. They are AI infrastructure, novel applications of AI in industries such as healthcare and education, consumer AI solutions, trust and safety tooling, and AI applications that maximize societal benefits. This strategy is said to reflect the backers’ ambition to support innovation and collaboration across the wider AI landscape

Anthropic, the AI startup behind the Claude chatbot, wants to “push the boundaries” of AI for the greater good, as stated by its co-founder and President, Daniela Amodei.

” We’re particularly interested in ventures that leverage AI to enhance human capabilities and productivity in fields such as healthcare, legal services, education, energy, infrastructure, and scientific research,” she said. 

“We look forward to working closely with Menlo and the exceptional founders backed by this Fund to push the boundaries of what’s possible with AI,” added Amodei. 

We are excited to announce the Anthology Fund, a $100M fund we created with our partners at @AnthropicAI to support the next generation of breakthrough companies.

With funding from the Anthology Fund, we will back visionary founders using Anthropic’s cutting-edge AI to reshape…

— Menlo Ventures (@MenloVentures) July 17, 2024

Shaping the future of AI

Anthropic is entering this venture from a position of strength, having secured investments from the likes of Amazon and Google in the past year, totaling $6 billion. Menlo Ventures appears to be a good partner with the California-based venture capital firm closing a $1.35b funding round in November last year. It was said to be earmarked for the growth of the “forthcoming generation” in AI, acting as a fitting prelude to this project.  

Matt Murphy, Partner at Menlo Ventures, stated, “We are thrilled to join forces with Anthropic to launch the Anthology Fund. By combining Menlo’s company-building experience with Anthropic’s cutting-edge AI technology and talent, we are uniquely positioned to identify and partner with the most promising entrepreneurs shaping the future of AI.” 

Beneficiaries of the fund are in line to receive $25,000 in credits to access Anthropic’s most advanced models, extra research tools, and extensive venture support from Menlo.

Image credit: Anthropic

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