© LVMH
Bernard Arnault, CEO of LVMH and one of the richest men in the world, has also jumped on the bandwagon of artificial intelligence (AI). His family office, Algaé Ventures, has already invested in five start-ups specializing in this technology this year.
Despite a sluggish financing sector, the investment fund had an active year, supporting e-health startups such as Noom and Back Market, the French marketplace. But it was especially in the field of artificial intelligence that Algaé Ventures stood out. Here are the AI startups in which the family office invested, for a total amount exceeding $300 million.
H Company
It is one of the most promising French startups in the field. H company (for Holistic) develops models to improve worker productivity and automate tasks in companies. They are designed to go beyond simple responses to prompts, by breaking down complex tasks into multiple steps and then executing sequences of subtasks.
H’s AIs are able to engage in a process of reasoning and planning, while collaborating to solve problems. The startup raised $220 million in May, a round in which Algaé Ventures obviously participated.
Borderless AI
The investment fund also backed Borderless AI, a Canadian startup that combines AI and human resources. It uses technology to streamline hiring and management processes internationally. This includes onboarding employees, creating employment contracts that comply with local laws, and speeding up payment deadlines and expense reimbursements. It recently raised $27 million in a seed round.
200% Deposit Bonus up to €3,000 180% First Deposit Bonus up to $20,000Photoroom
The second French AI startup in which Algaé Ventures has invested, Photoroom focuses on AI-powered photo editing. The idea is clear: to make photo editing quick and easy. The user is guided throughout the process by deep learning algorithms that transform pixels into objects.
The company, which has been growing strongly for several months, raised $43 million last February.
Lamini
The family office also participated in the $25 million seed round of Lamini, a startup based in Palo Alto, in the heart of Silicon Valley. It focuses on developing and deploying AI within enterprises, through an integrated platform that allows them to create, refine and deploy large language models. It has a feature called Memory Tuning that significantly reduces the hallucinations that AI models are prone to.
Proxima
Finally, Algaé Ventures injected funds into the young company Proxima during a funding round carried out in April for $21 million. It specializes in e-commerce, with the objective of enabling brands to obtain better results thanks to advanced solutions based on AI. For example, the system optimizes performance and reduces acquisition costs by using predictive data intelligence.
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