Menlo Ventures, a prominent Silicon Valley venture capital firm, has partnered with artificial intelligence startup Anthropic to create a $100 million initiative named “the Anthology Fund.” This fund aims to further invest in pre-seed, seed, and Series A AI companies, focusing on nurturing the next wave of AI-driven innovation.
Menlo Ventures has also solidified its position as a key investor in Anthropic, recently participating in an over $750 million funding round for the foundation model company. Tim Tully, a partner, emphasized their commitment to AI and the potential of their collaboration with Anthropic. “We’re one of the biggest investors in Anthropic and huge fans of what they’re doing,” Tully stated. “We thought this was an opportunity for us to do something together, where we can see the ecosystem and find great companies that are building on Anthropic or AI more broadly.”
The Anthology Fund is a carve-out from Menlo Ventures’ latest $1.35 billion vehicle, raised in November. Firstly, it will start by writing checks from $100,000 for startups and providing $25,000 worth of credits to use Anthropic’s models. This dual support aims to give nascent AI companies both financial backing and access to cutting-edge AI technology.
Application and Selection Process
Startups can apply for funding through an online form, where Menlo Ventures will employ a proprietary machine learning tool to score and rank applications. This process is designed to be more streamlined compared to traditional investment diligences, reflecting the fast-paced nature of AI innovation.
Tully mentioned that Menlo Ventures will continue to back promising companies from the Anthology Fund in their subsequent funding rounds. This long-term commitment underscores the firm’s dedication to fostering growth and innovation in the AI sector.
The creation of the Anthology Fund by Menlo Ventures and Anthropic highlights a strategic move to bolster early-stage AI startups. By leveraging their deep investment in and close relationship with Anthropic, Menlo Ventures aims to identify and support the next generation of AI innovators, ensuring a robust ecosystem for future technological advancements.
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