TL;DR:
- House Fund, a venture capital firm focused on UC Berkeley startups, has launched its own AI accelerator program.
- The program is supported by tech giants OpenAI, Microsoft, Databricks, and Google’s Gradient Ventures, who will provide free and early access to their AI technologies to participating startups.
- The program will run for two months, starting in July and ending in September, and will admit around six companies.
- The program offers a flexible approach with a retreat for participating founders, access to UC Berkeley AI professors, and personalized introductions to VCs.
- Each startup will receive a $1 million investment in the form of a $10 million post-money SAFE note and must have at least one Berkeley-affiliated founder on the founding team.
- The launch of the program has the potential to enhance House Fund’s growth. However, the AI industry is highly competitive.
- Companies such as OpenAI and Y Combinator are also offering their own AI accelerator programs.
Main AI News:
In the thriving landscape of Artificial Intelligence, it is essential for companies to stay ahead of the curve by aligning with innovative startups that are driving the latest advancements. The Bay Area-based House Fund, a venture capital firm investing in startups linked to UC Berkeley, is making a strategic move by launching its own AI accelerator program. The program has garnered the support of tech powerhouses OpenAI, Microsoft, Databricks, and Google’s Gradient Ventures, which will provide participating startups with free and early access to their cutting-edge technologies.
We had the opportunity to speak with House Fund founder Jeremy Fiance about the program, which replaces a previous accelerator program that produced successful startups such as additive manufacturing software firm Dyndrite and managed app development platform Crowdbotics, which has raised over $60 million to date. The new AI accelerator program will run for two months, commencing in July and concluding in September, and will admit approximately six companies. The early application deadline is April 13, with the final deadline being June 1.
Fiance emphasized the flexible approach of the program, stating, “We are there when you need us and are skilled at staying out of the way.” The program will commence with a retreat where the participating founders can network and get to know each other. In addition, the accepted startups will have access to renowned AI professors at UC Berkeley, including Michael Jordan, Ion Stoica, and Trevor Darrell, and can participate in dinners and events in collaboration with these industry leaders. This is a unique opportunity for startups to gain valuable insights, mentorship, and exposure to the latest AI technologies.
In terms of finances, each startup accepted into the program will receive a $1 million investment in the form of a $10 million post-money SAFE note. It is a requirement for the startups to have at least one Berkeley-affiliated founder on the founding team, including alumni, faculty, PhDs, postdocs, staff, students, dropouts, and other affiliates. Unlike a traditional demo day, the program offers a more personalized approach with “directed, personal introductions” to the VCs best suited for the startup.
The launch of this program has the potential to further enhance House Fund’s growth, as the firm manages $300 million in assets for clients such as the Berkeley Endowment Management Company and the University of California. However, the AI industry is highly competitive, with companies such as OpenAI launching their own accelerators. OpenAI’s Converge program offers $1 million to 10 selected founders, along with five weeks of office hours, workshops, and events funded by the OpenAI Startup Fund.
Y Combinator, the largest accelerator globally, is also experiencing a surge in AI startups, with its winter class set to present to investors during the demo days from April 5 to 6. The AI accelerator program from House Fund provides a unique opportunity for startups to receive mentorship, exposure to the latest AI technologies, and personalized introductions to VCs
Conlcusion:
The launch of House Fund’s AI accelerator program is a significant development in the highly competitive AI industry. The program, which is supported by tech powerhouses OpenAI, Microsoft, Databricks, and Google’s Gradient Ventures, offers participating startups free and early access to cutting-edge AI technologies, mentorship, and exposure to renowned AI professors at UC Berkeley. The program also provides a unique opportunity for startups to receive a $1 million investment in the form of a $10 million post-money SAFE note, along with personalized introductions to VCs best suited for their businesses.
The launch of this program has the potential to enhance House Fund’s growth, as the firm already manages $300 million in assets for clients such as the Berkeley Endowment Management Company and the University of California. The AI accelerator program from House Fund provides a valuable opportunity for startups to gain exposure to the latest AI technologies, mentorship, and personalized introductions to VCs in a highly competitive industry. Companies such as OpenAI and Y Combinator are also offering their own AI accelerator programs, further emphasizing the importance of staying ahead of the curve in the AI industry.
