Tuesday, May 2, 2023

Sound Ventures Raises $240M Generative AI Fund

Los Angeles-based Sound Ventures, the venture capital fund run by Effie Epstein, Ashton Kutcher and Guy Oseary, says it has raised a $240M venture capital fund specifically to invest in generative artificial intelligence (AI). According to the firm, the new fund, Sound Ventures AI Fund, was oversubscribed, and brings the firm's total under management to over $1 billion. The fund has already invested in OpenAI, Anthropic, and StabilityAI. Sound Ventures said that the new fund will invest in "category-defining" artificial intelligence businesses. In a statement, Kutcher said AI is "potentially the most significant technology we will experience since the advent of the internet".