AI Capital has closed its first North America fund and begun planing its second North America fund and first European fund.
AI Capital began planning its $100M Fund II shortly before the pandemic, building a high-performing team of AI experts alongside experienced investors and operators. AI Capital operated in a pledge fund mode and raised capital sufficient to meet the plan and establish a track record prior to reaching full capacity. The firm is currently evaluating additional portfolio companies for the NA Fund I, NA Fund II and EU Fund I.
Neville Teagarden, co-founder and managing partner of AI Capital, commented, “We couldn’t have done this without the incredible support of our limited partners who enabled us to launch the firm and prepare to open NA Fund II and EU Fund I. The burgeoning VC and start-up environment in the EU post-Brexit and emergence of Amsterdam as the region’s premier financial center makes this an ideal time for AI Capital to bring our unique skill set and investment strategy to the European market.”
David Kolsrud, co-founder of South Dakota-based Farmers For Innovation, the largest investor in AI Capital’s Pilot Fund, stated, “These are challenging times. The pandemic has placed stress upon the American economy unlike any other since the Great Depression. At the same time, the pandemic has inspired a reevaluation of America’s security and the country’s interests in the global economy. Our security and our capacity to produce critical goods and services and ensure our supply chains are resilient has become inextricably linked. It is time to bring these capabilities back to America and to invest in innovative solutions that will perpetuate our own success as farmers by making our work more effective and more efficient.”