Given the significant importance of AI, it’s only natural for leading companies in this field to keep close connections with smaller startups exploring the latest advancements. This helps ensure that these companies remain at the forefront of this technology.
Neo, a startup accelerator founded by Silicon Valley investor Ali Partovi, recently unveiled a new track focused on artificial intelligence–OpenAI. Microsoft has pledged to contribute aid to participating companies through free software and advice.
House Fund, another Bay Area-based group, has declared the initiation of an AI accelerator. Microsoft, Databricks, and OpenAI would provide early access to their technology for the startups participating in this drive. Furthermore, mentorship is also being offered by Google’s Gradient Ventures.
Over the weekend, House Fund’s Jeremy Fiance gave us insights into their new venture program. It replaces the accelerator program whose alums include Dyndrite (a software company focused on additive manufacturing) and Crowdbotics (a managed app development platform recently securing $60M).
Launching in early July and running for two months, the new AI accelerator program is significant for founders interested in exploring further. This two-month program ends in early September and provides a unique opportunity to deepen your knowledge and make great strides in this field.
April 13 marks the early application deadline for up to six companies to be accepted. Come June 1; the final application deadline will be met. Every startup’s experience may vary in time commitment across those two months.
Fiance says:
“We’re there when you need us, and we’re good at staying out of the way.”
At the program’s start, a kickoff retreat will be held for the newly accepted founders, giving them a chance to get to know one another. Additionally, candidates may attend dinners and events with specialists such as Michael Jordan, Ion Stoica, and Trevor Darrell – all renowned AI professors at UC Berkeley.
Regarding the financial dynamics, tech startups participating in this program are offered a $1 million investment in a post-money SAFE note based on a $10 million valuation.
The House Fund’s AI accelerator offers important venture dollars to startups with a Berkeley affiliate on the co-founding team, including alums, faculty, PhDs, postdocs, staff members, students, and dropouts. The accelerator proposes great opportunities for entrepreneurs with innovative ideas with at least one Berkeley-affiliated founder.
Fiance states that founders are given a” directed, personal introduction” to the VCs most suitable for their respective startups instead of a demo day.
House Fund, a venture organization that has grown rapidly since its inception in 2016 with $6 million and currently manages $300 million in assets (including those of the Berkeley Endowment Management Company and the University of California), is likely to be further augmented by AI, which is creating a great buzz lately.OpenAI’ss offer to collaborate with House Fund may be a tempting one, yet the competitive nature of the field is intensifying. In November, San Francisco-based venture capital firm House Fund announced its launch of an accelerator program to bolster competition in this domain further.
Converge, comprised of about 10 founders and funded by the OpenAI Startup Fund, was a 5-week cohort that awarded $1 million each to its participants. The program included office hours, workshops, and other events.
At Y Combinator, home to numerous AI-based startups, virtual Demo Days will be held on April 5 and Thursday. This gives these businesses a platform to showcase their concepts to prospective investors.
As AI continues to evolve and become more pervasive, the need for specialized hardware like AI accelerators will only increase. UC Berkeley and other leading research institutions will play a crucial role in developing this technology and ensuring it is available to everyone who needs it. Whether you’re a researcher, a data scientist, or an AI practitioner, the rise of AI accelerators is a trend you can’t ignore.
Source: TechCrunch
