US AI start-up Anthropic is helping Menlo Ventures launch a $100m AI fund, by using its AI chatbot Claude to source investment opportunities.
The new Menlo Ventures Anthology Fund will be used to back start-ups which are using Anthropic’s Claude AI models to develop their products.
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Menlo Ventures, an investor in Anthropic, will start with investments of around $100,000 for the early-stage companies, the firm announced on Wednesday (17 July).
As the AI market becomes more competitive, venture capital firms such as Menlo Ventures have been looking for new ways to stand out in the crowded market.
Anthropic, a direct competitor of OpenAI, will not have a financial stake in any of the start-ups. However, it will benefit from having the companies develop on its AI platform.
Anthropic will also provide advice and coaching to the AI start-ups, according to the company.
The Menlo Ventures Anthology Fund is similar to OpenAI’s venture fund, which is reportedly investing around $175m in AI companies.
According to research and analysis company GlobalData's deal database, the value of global AI deals totalled $217bn in 2024 year-to-date.
The global value of deals are on track to overtake 2023 which totalled $318bn.
GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (CAGR) of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.
