Atomico co-founder Mattias Ljungman’s investment firm Moonfire Ventures has closed $90m (£72.6m) for its second fund that is supported by AI for investment decisions.
Moonfire Ventures has created “proprietary AI models” to assist in finding new companies to back, as well as providing signals on the best time to exit.
The VC firm states it can assess as many as 50,000 tech businesses in health, work, finance and gaming each week.
“With AI solving the mental-manual work, we can focus on the aspects humans are better at – meeting and forming relationships with founders,” said Mike Arpaia partner and computer scientist at Moonfire Ventures.
In addition to the $90m Fund II, Moonfire Ventures has secured a further $25m (£20.2m) for its Opportunity Fund.
It follows the investor’s $60m Fund I, which backed the likes of HR platform Humaans, and business intelligence platform Lightdash.
“We are entering a new decade of AI that is transforming the possibilities of technology and redefining how tech companies are built through greater access, efficiency and product quality,” said Ljungman, who is managing partner at Moonfire Ventures.
Before Atomico, Ljungman sat on Silicon Valley Bank’s UK advisory board, whilst Arpaia co-founded security platform Kolide and was a machine learning architect for Workday.
London-based Moonfire Ventures is not the only fund to use AI to help make investment decisions, with Revolut CEO Nikolay Storonsky launching an “AI-powered” fund in May last year.
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