Prague-based AI Startup Incubator (AISI), an early-stage investor focusing on startups implementing AI technology, announced on Wednesday, April 12, that it has launched a new fund named Look AI Ventures (LAIV).
LAIV is the first investment fund in the Czech Republic dedicated to AI startups. The fund wants to raise €20M in order to back startups that are tackling big markets with AI-driven solutions.
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Since 2017, AI Startup Incubator has aimed to enable ambitious teams realise their business goals and utilise the power of AI.
While working with AISI, every startup’s demands are taken into account, which also provides the portfolio firms with commercial and technical AI experience in addition to finance.
In the last five years, AISI has developed its own scouting network, special evaluation techniques, and procedures created especially for the AI sector.
As of now, the firm has added nine AI startups to its portfolio by investing in the pre-Seed and Seed stages with potential for the development and use of AI technology in important areas.
AISI partners decided to create a fund of competent investors due to a growing number of lucrative investment possibilities in AI. With an emphasis on the CEE area, their goal is to spotlight innovative AI projects in the European market.
Martin Dostál, Chief Science Officer and Partner at AISI, and a member of the LAIV Investment Committee, says, “AI is in a unique situation. On the one hand, it is a proven megatrend, but at the same time, it is far from reaching its full potential.”
“Regarding the economic situation, we view the timing of the market as extremely favourable, given there are high-quality projects under much better conditions than in recent years.”
About Look AI Ventures
By 2030, AI may boost the world economy by up to $15.7T, claims PwC. Even though AI is one of the world’s fastest-growing technological sectors, North America and China primarily contribute to the industry’s biggest economic advantages.
The newly created Look AI Ventures (LAIV) SICAV fund acquired AISI in Q4 2022, and the two organisations combined their respective portfolios, know-how, resources, scouting, and assessment procedures into the new fund’s organisational framework.
Within the LAIV framework, AISI continues its operations and investment in AI startups. LAIV includes successful projects such as Trackbar from Austria or Swiss Visense.
The LAIV fund focuses on pre-Seed and Seed-stage AI startups that have the potential to disrupt important sectors. With the ability to spend up to €1M in firms that will exhibit potential in the upcoming years, the investment amount for each startup is €250K.
Over the following three years, the team wants to increase the portfolio of businesses in the LAIV fund to at least 35. The fund is currently in the process of fundraising.
Ivo Denemark, Director of the Startups and Innovative SMEs Division at CzechInvest, says, “Fund focused on AI is good news for startups that develop deep tech and are looking for investors who understand them from a technology perspective. Such a strategic partner can better understand the potential and value of the startup. At the same time, they can bring not only finance but also industry know-how to the growth of startups.”
LAIV fund was founded by Daniel Kunz, Pavel Rosendorf, and Alexander Brányik, who are also prominent Czech investors with more than 20 years of combined experience.
The LAIV Investment Committee members that oversee the investment scouting and review procedures are AISI partners Martin Havlk, Martin Dostál, and Angelo Burgarello.