One 12 months after receiving a whopping $75 million dedication to spend money on early stage corporations making use of synthetic intelligence to numerous industries, Glasswing Ventures has closed its debut fund with $112 million.
It’s a big milestone for a agency that purports to be the most important early stage investor targeted on machine studying on the East Coast, and one of many largest early stage funds to be led by ladies.
Based by Rudina Seseri alongside her longtime investing associate Rick Grinnell and bolstered by the addition of former portfolio govt Sarah Fay, Glasswing up to now has invested in three startups: BotChain (an organization spun up from Glasswing’s early funding within the AI administration firm, Talla); Attract Safety, a risk detection firm; and Terbium Labs, whose service alerts corporations when delicate or stolen data of theirs seems on the Web.
For Seseri and Glasswing, the shut is definitely just the start. As she mentioned in an announcement:
“Raising an AI-focused fund on the East Coast is just the beginning for Glasswing Ventures. As we embark on a journey to shape the future, we are laser-focused on investing in exceptional founders who leverage AI to build disruptive companies and transform markets. Beyond providing smart capital, we are firmly committed to supporting our entrepreneurs with all facets of building and scaling their businesses.”
The story, for Seseri and her co-founder Grinnell really begins practically a decade in the past on the enterprise agency Fairhaven Capital, the rebranded funding arm of the TD Financial institution Group.
On the time of the agency’s launch in 2016, Glasswing was focusing on $150 million for its first fund, with a 2.5% administration price and 20% carried curiosity (fairly commonplace phrases for a enterprise fund), in accordance with reporting by Dan Primack again when he was at Fortune.
In a pitchdeck seen by Primack the agency was touting 4.25x return a number of on its investments together with 6x realized and 1.8x unrealized in offers like Grinnell’s exit from EqualLogic (which was bought to Dell for $1.46 billion) and Seseri’s investments in Jibo (which is now principally nugatory) and SocialFlow (which isn’t).
Fay, who labored at a portfolio funding of Fairhaven’s, was introduced on quickly after the 2 companions launched their new enterprise.
Glasswing undoubtedly advantages from the agency’s proximity to Boston’s stellar universities. And Seseri, a Harvard College graduate maintains shut ties with the analysis neighborhood at each Harvard and MIT — tapping luminaries like Tim Berners-Lee to sit down on the agency’s advisory council for networking.
Chase Martin, Advertising and Occasions Supervisor, Emma Marty, Operations and Help Coordinator, Rick Grinnell, Founder and Managing Associate, Rudina Seseri, Founder and Managing Associate, Sarah Fay, Managing Director, and Andre Rocha, Funding Affiliate