TLDR:
- Magnetar closes $235 million venture fund dedicated to AI companies
- The fund will focus on companies operating throughout the AI stack
Magnetar has successfully closed a $235 million venture capital fund called Magnetar AI Ventures, dedicated to investing in early to growth-stage companies in the field of AI. The fund’s investor base includes leading global institutions and strategic partners, with PEAK6 Strategic Capital and Apex Fintech Solutions as anchor investors. The fund will focus on companies operating throughout the AI stack, including models, infrastructure, and applications across various modalities such as text, audio, and visual. The fund aims to target businesses with unique technologies, execution-focused management teams, and proven business momentum.
Magnetar managing partner, David Snyderman, expressed the belief that generative AI will reshape the future and that the fund solidifies their commitment to supporting innovative AI solutions. The fund has also partnered with CoreWeave, the AI Hyperscaler, to provide portfolio companies with exclusive access to high-performance computing resources.
The senior portfolio manager and partner at Magnetar, Jim Prusko, highlighted the importance of HPC as the backbone of the AI economy and emphasized the partnership with CoreWeave to provide necessary resources for portfolio companies. Apex Fintech Solutions, co-founder, and managing partner of PEAK6, Jenny Just, expressed excitement about partnering with Magnetar to support the next wave of AI advancements through the fund.
Overall, the fund’s closure signifies a significant step in the advancement of AI technologies and signals a commitment to driving growth for portfolio companies while generating long-term value for investors.
