Filings: AI2 Incubator raises third fund to back more early stage startups
Yifan Zhang, managing director at AI2 Incubator, speaks at the firm's summer party last year in Seattle. (GeekWire Photo / Taylor Soper)
AI2 Incubator, the Seattle-based startup organization and venture firm, has raised about $80 million for its third investment fund, according to new SEC filings.
The firm declined to comment when reached by GeekWire.
The new fund would be a sizable jump from AI2 Incubator's $30 million second fund that it raised in 2023, and its $10 million first fund in 2020.
The AI2 Incubator runs an incubator, which helps nurture budding startups, as well as its venture fund. In 2022 the AI2 Incubator spun off from its original home, the Allen Institute for Artificial Intelligence, into a separate entity.
The organization describes itself as 'one of the few pure artificial intelligence incubators in the world,' and has spun out more than 40 companies worth $1.25 billion. The firm's main technical focus areas include task-centric AI; foundation model operations; domain-specific foundation models; and generative/creative AI.
Past spinouts from the AI2 Incubator include Kitt.ai, which was acquired by Baidu; Lexion, acquired by Docusign; and Xnor.ai, acquired by Apple. Its startups have raised more than $250 million collectively. The firm invests in companies across North America.
Venture capital heavyweights including Madrona Venture Group, Sequoia Capital, and Two Sigma Ventures invested in the firm's second fund.
Earlier this year AI2 Incubator moved into a new headquarters building at Pier 70 on the Seattle waterfront dubbed the 'AI House,' which is designed to bring entrepreneurs, investors, students and community leaders together to enhance collaboration on artificial intelligence. AI House has financial support from the City of Seattle and the state of Washington.
AI2 Incubator is led by managing directors Jacob Colker and Yifan Zhang.
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