Berlin-based Fly Ventures Closes $41 M Fund

Berlin-based Fly Ventures Closes $41 M Fund

Fly Ventures, a VC working out of Berlin reportedly closed its first fund at $41 million in December 2017. The money will be used for start-ups across Europe.

IBM AnnouncesThe Power9 Chip For AI Tech
China Will Build $2 Billion AI Research Park
BNP Paribas Aims To Promote Potential Entrepreneurial Talents

Fly Ventures, a VC working out of Berlin reportedly closed its first fund at $41 million in December 2017. The money will be used for start-ups across Europe.

Some of the participants in the fund include the European Investment Fund (EIF), Korelya Capital, and a number of other companies from Europe and the USA

According to information published at Tech Crunch, Fly Ventures will invest sums of between $400,000 and $900,000 into seed rounds of between $1 million and $2.5 million. In terms of geographic regions, the company is foreseeing to invest in European projects, with a special focus on Berlin, Paris, and London.

When it comes to the particular area of interest, Fly Ventures is looking for automation services like vertical applications that use AI and machine learning to deliver their services. Also, horizontal AI technologies will be given a priority over other offerings.

Moreover, it should be noted that Fly Ventures is trying to scale its own machine learning and AI tech. So, they are not only looking for companies to invest in but also delivering their own product. The latter is designed to automate sourcing and identify potential investments.

“Our platform pulls data from hundreds of sources including blogs, job boards, accelerators, and databases like CrunchBase.”, said Fly Ventures co-founder and General Partner Gabriel Matuschka who spoke to Tech Crunch.

Matuschka added that the company`s algorithms use a combination of structured and unstructured data that that is extracted from the sources. This information helps Fly Ventures rank and filter the companies they find, as he told Tech Crunch.

“The results are presented to the investment team in a Tinder like interface that lets us quickly decide whether we want to speak to a company.”, Matuschka concluded.

Some of the company`s investments include Finiata, a financing company for SMEs, freelancers and self-employed, which reportedly received 18 million euro in December last year. Another major investment was made into Inato, a patient recruitment platform for clinical trials that uses AI technology.

COMMENTS

WORDPRESS: 0