San Francisco-based Bessemer, a global venture capital and growth capital investor, announced on Tuesday, May 9 that it is committing $1B from its current funds to support entrepreneurs at the bleeding edges of AI and founders building AI-native products.
“Our goal is to support the entrepreneurs forging new paths with AI to accelerate positive progress, transform markets, and imagine new ones,” write the VC in a LinkedIn post.
The AI revolution
The announcement comes as the world is currently in the midst of a significant computing revolution as artificial intelligence (AI) continues to make remarkable progress.
AI is already making its mark on everyday life for consumers, notes Bessemer.
ChatGPT, the AI chatbot which got off to a massive start, captivated the imagination of more than 100M users almost overnight.
Another remarkable example is Midjourney, a platform that brings human imagination to life and enhances creativity.
“It is clear that we have crossed a pivotal threshold in the AI landscape. We have crossed the Rubicon,” says the VC.
Bessemer Venture Partners: Focusing on breakthrough innovations
Rather than investing in marginal improvements, Bessemer is looking for breakthroughs with a particular focus on ground-up AI solutions developed by agile, technical teams that are unencumbered by the status quo.
“And the breakouts will be built ground up with AI, by those that are agile, technical, and unencumbered by the status quo,” says the VC.
However, Bessemer understands that capital alone is not sufficient.
As a result, they are also developing a community for AI founders, providing them access to a network of experienced advisors.
This community will serve as a platform for sharing insights, receiving guidance, and gaining preferred access to computing resources and cutting-edge models.
Additionally, Bessemer is launching a series of workshops specifically tailored for companies involved in AI development and innovation.
ChatBVP: Friendly neighborhood companion
ChatBVP intends to assist founders and answer any questions about Bessemer.
According to the VC, ChatBVP serves as a friendly neighborhood companion, welcoming entrepreneurs to introduce themselves, have fun, and share their thoughts and feedback.
With this substantial financial commitment and comprehensive support ecosystem, Bessemer aims to foster a vibrant community of AI entrepreneurs and support the next generation of AI innovators.