Funding Round · Satire
VC Firm Announces $2 Billion AI Fund While Explaining They Are Being 'Very Selective' This Time
The fund, which will deploy capital across '40 to 60' companies in the next 18 months, represents what partners described as a 'thoughtful, focused' approach to investing.
MENLO PARK — Venture capital firm Benchmark Peak Partners has announced a new $2 billion fund dedicated exclusively to artificial intelligence startups, which managing partner Glen Ashworth described as “the most disciplined capital we’ve ever deployed.”
“We’re being incredibly selective,” said Ashworth at a press briefing attended by seventeen journalists and one person who appeared to be lost. “We’re not just writing checks to anyone with a demo and a GPT wrapper.”
When asked what the fund’s investment criteria were, Ashworth said the firm was focused on companies with “genuine defensibility,” which he defined as “something that makes us feel good about the deck.”
The firm has already made twelve investments from the fund in the past three weeks.
“We’re patient,” Ashworth clarified.
Among the portfolio companies are an AI-powered legal document tool, an AI-powered legal document tool with a different name, and a startup that uses AI to help other startups use AI.
“The market opportunity is enormous,” said Ashworth. “Every company is going to need this. Every single one.”
At press time, the firm had announced a second close.
