Unveiling SparkLabs' New $50 Million AIM AI Fund for AI Startups
SparkLabs, the renowned early-stage venture capital firm behind OpenAI and other AI startups, has launched a new $50 million AIM AI Fund to support AI startups globally, including those from its AIM-X accelerator in Saudi Arabia. This move highlights the growing interest in generative AI and the expansion of AI opportunities beyond Silicon Valley.
The AI startup landscape has seen a significant uptick in recent years, with over 210 AI unicorns emerging by March 2024. While the U.S. leads in founding AI startups, SparkLabs' new fund aims to invest in promising AI startups worldwide.
With 35% of the fund dedicated to accelerator participants and the rest for Series A and Series B investments, SparkLabs plans to support 50 to 70 companies in total. The accelerator will focus on Saudi Arabia and the MENA region, while majority investments will target the best AI startups globally.
The average check size for accelerator participants will be $200,000, with Series A and Series B investments ranging from $1 million to $5 million. SparkLabs has already invested in 14 startups, including viACT, IdeasLab, Ahya, Swirl, Contents.com, Orko, Layla, Roughneck AI, Arctech Innovation, OptimHire, WideBot AI, Orbo AI, Vyrill, and Stack Tech Farm.
The first batch of investments will be announced at the Global AI Summit in Riyadh, showcasing SparkLabs' commitment to fostering AI innovation globally. With over 550 investments in startups worldwide, SparkLabs continues to drive growth and innovation in the AI space.