Venture capitalist Sapphire Ventures increasingly relies on artificial intelligence (AI) for its investments. CEO Jai Das announced at a conference on Tuesday that his company wants to invest more than a billion dollars in start-ups in this field. The money comes both from existing funds and from cash reserves for which investment objects are sought. Sapphire Ventures is a former subsidiary of the German software group SAP.
“AI is truly groundbreaking because it affects the way new software is developed,” added Das at the Reuters Momentum conference. “This is not just a dollar commitment, but a commitment that we will build the infrastructure within the company to help AI companies thrive.”
ChatGPT caused an AI hype
So-called generative AI has been dominating the headlines since the presentation of ChatGPT in late 2022. Companies around the world are rushing to announce AI capabilities for their products. According to data provider Pitchbook, $40 billion has been pumped into start-ups in this sector in the past six months alone.
SAP CEO Christian Klein sees AI as a growth engine for his company. According to the information, the German group is involved in some Sapphire funds. This brings him into contact with emerging companies and new technologies. Sapphire Ventures has $78 billion in assets under management and invests in approximately 1,000 startups each year.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
