TLDR:
- SparkLabs has closed a $50M fund, AIM AI Fund, to back AI startups globally.
- The fund will support accelerator participants, as well as Series A and Series B investments.
SparkLabs, a venture capital firm known for backing OpenAI and various other AI startups, has announced the closure of a new $50 million fund, AIM AI Fund. This fund will primarily focus on backing AI startups coming out of its AIM-X accelerator in Saudi Arabia, as well as other AI startups worldwide. The fund aims to support accelerator participants with a minority allocation for Saudi Arabia or MENA investments, while the majority will target the best AI startups regardless of location, with a focus on the U.S. The average check size for accelerator participants will be $200,000, with the potential to go up to $500,000 in unique cases. Series A and Series B investments will range from $1 million to $5 million, with plans to invest in 50 to 70 companies from the fund.
Within the first batch, 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 fund’s limited partners include a government fund of funds, with the first batch of investments set to be announced at the GAIN Summit in Riyadh on September 10. SparkLabs has over 14 funds globally and two funds in Saudi Arabia, having invested in 550 startups worldwide. With the growing interest in AI and the surge of AI startups, SparkLabs’ new fund highlights the broader trends and opportunities in the AI space, extending beyond Silicon Valley.
