[ad_1]
LONDON (Reuters) – A London-based venture capital firm, which uses artificial intelligence to find promising start-ups in Europe, said Tuesday it raised 53 million euros for its biggest fund nowadays.
InReach Ventures was founded by Roberto Bonanzinga and John Mesrie, both formerly of Balderton Capital, and Ben Smith, formerly of Yammer, the team working tool of Microsoft. InReach has spent three years developing its own artificial intelligence technology to discover, evaluate and support its investments.
Bonanzinga said that European start-ups were scattered all over the continent, which means that many start-up companies have not attracted the attention of companies based in big cities like London.
He explained that InReach Ventures used artificial intelligence to examine and evaluate data, for example from blogs and similar sources, to identify start-up companies looking for their first investor. institutional.
"Entrepreneurs can start businesses all over Europe, from Helsinki to Barcelona, from Warsaw to Rome, and yet many fail to get noticed at the right time," he said.
"As European venture capitalists, we need a new, distinct and tailored approach to deal with this geographic fragmentation and economic reality. We believe that the only way to achieve this is to use a software approach, optimized by artificial intelligence. "
InReach has invested in eight European start-ups since its founding in 2015, including the Lithuanian-based start-up Oberlo, which was later acquired by Shopify.
The fund was particularly interested in young consumer internet companies, software as services and markets, with typical investments of 500,000 to 2 million euros, he said.
Report by Paul Sandle. Edited by Jane Merriman
Source link
