TECH - Jeff Bezos-Backed Anthropic And Menlo Ventures Team Up To Launch $100M Fund For AI Startups Increasing Competition With OpenAI | Benzinga
In a move that mirrors Apple Inc.’s (NASDAQ:AAPL) iFund initiative, Anthropic and Menlo Ventures have launched a $100 million fund to support early-stage AI startups.
What Happened: Anthropic, an AI startup backed by Amazon.com Inc.‘s founder Jeff Bezos, and Menlo Ventures, a major investor, have initiated the Anthology Fund, CNBC reported on Wednesday.
The fund will provide financial backing to early-stage startups and offer them access to Anthropic’s AI technology. Menlo Ventures will contribute the capital for the investments, while Anthropic will provide founders with $25,000 in credits for using its large language models.
The Anthology Fund’s structure is reminiscent of the iFund, a collaboration between Apple and venture firm Kleiner Perkins, which was established in 2008 to support developers on Apple’s mobile platforms.
Matt Murphy, formerly a partner at Kleiner Perkins and currently a partner at Menlo Ventures, credited the iFund as the inspiration behind this launch. ...