One yr after receiving a whopping $75 million dedication to put money into early level corporations making use of artificial intelligence to more than a few industries, Glasswing Ventures has closed its debut fund with $112 million.
It’s an important milestone for a company that purports to be the most important early level investor concerned about system studying at the East Coast, and one of the crucial biggest early level budget to be led by means of ladies.
Founded by means of Rudina Seseri along her longtime making an investment spouse Rick Grinnell and strengthened by means of the addition of former portfolio govt Sarah Fay, Glasswing up to now has invested in 3 startups: BotChain (an organization spun up from Glasswing’s early funding within the AI control corporate, Talla); Allure Security, a danger detection corporate; and Terbium Labs, whose provider signals corporations when delicate or stolen knowledge of theirs seems at the Internet.
For Seseri and Glasswing, the shut is if truth be told just the start. As she mentioned in a remark:
“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 tale, for Seseri and her co-founder Grinnell if truth be told starts just about a decade in the past on the undertaking company Fairhaven Capital, the rebranded funding arm of the TD Bank Group.
At the time of the company’s release in 2016, Glasswing used to be concentrated on $150 million for its first fund, with a 2.five% control price and 20% carried passion (beautiful same old phrases for a undertaking fund), consistent with reporting by means of Dan Primack again when he used to be at Fortune.
In a pitchdeck noticed by means of Primack the company used to be touting four.25x go back a couple of on its investments together with 6x discovered and 1.8x unrealized in offers like Grinnell’s go out from EqualLogic (which used to be bought to Dell for $1.46 billion) and Seseri’s investments in Jibo (which is now mainly nugatory) and SocialFlow (which isn’t).
Fay, who labored at a portfolio funding of Fairhaven’s, used to be introduced on quickly after the 2 companions introduced their new undertaking.
Glasswing surely advantages from the company’s proximity to Boston’s stellar universities. And Seseri, a Harvard University graduate maintains shut ties with the analysis group at each Harvard and MIT — tapping luminaries like Tim Berners-Lee to take a seat at the company’s advisory council for networking.
Chase Martin, Marketing and Events Manager, Emma Marty, Operations and Support Coordinator, Rick Grinnell, Founder and Managing Partner, Rudina Seseri, Founder and Managing Partner, Sarah Fay, Managing Director, and Andre Rocha, Investment Associate