Latest news with #AIFund
Business Wire
21-07-2025
- Business
- Business Wire
BizTrip.AI Launches Agentic AI Assistant to Revolutionize Corporate Travel Booking and Management
SAN FRANCISCO--(BUSINESS WIRE)-- makers of AI-powered travel management technology, today announced its launch at the Global Business Travel Association Convention in Denver. is reinventing corporate travel management by using agentic AI to modernize processes and address the innovation voids around airfare and hotel booking, itinerary change management, and price tracking and re-shopping. is designed to simplify and enhance corporate travel by introducing intelligent solutions that benefit frequent business travelers, corporations, Travel Management Companies (TMCs), and Online Booking Tools (OBTs). The agentic AI technology is currently being trialed by large enterprise organizations, including Moderna, as well as Colorado-based TMC, Cain Travel, enhancing traditional search-based booking tools with an astute, perceptive interface that understands travelers' preferences, anticipates their needs, and ensures policy compliance. The platform serves as a personal concierge for business travelers, delivering insightful, personalized experiences, while optimizing management costs by allowing travel planners to chat directly with an automated personal assistant. Instead of searching through hundreds of results on flights and hotels, uses historical data and preferences to anticipate traveler needs, and deliver relevant, tailored options for air, lodging and ground transportation that are compliant with corporate travel policy. This modern experience will improve adherence to corporate policy, reduce booking leakage and reduce agent-touched transactions. can achieve up to 8% in travel cost savings – including up to 4% through persistent price tracking and re-shopping, and an additional 4% through reduced fees, employee time savings and decreased leakage. The product also provides employees with a seamless travel and planning management experience, leading to higher satisfaction and productivity. is co-founded by CEO Tom Romary, a travel industry entrepreneur and the former co-founder of Yapta (acquired by Coupa in 2020); CTO and agentic AI innovator Scott Persinger; and launched from AI Fund, a venture studio led by AI luminary Andrew Ng. ' allows for any corporate traveler at any level to have their own executive assistant at the ready to manage their business travel,' said Romary. 'It also represents an opportunity for TMCs, OBTs and others that plan, book and manage travel to achieve more in the absence of having a large team. The industry is evolving quickly and is instituting new technology to become less dependent on live agents. There's significant value delivered to corporations by saving time, reducing 'high-touch' work, and delivering consistent price monitoring and re-shopping.' is also steered by AI Fund appointed board member, Rob Solomon, an innovator and pioneer in travel technology and marketplace businesses over the past 25 years. He has served as Chairman and CEO of GoFundMe, President and COO of Groupon, and CEO of Sidestep, which merged with Kayak. The company has also assembled a network of travel industry and technology advisors that includes Eric Bailey, Valerie Layman, Dave Falter, Andy McGraw, Tom Kippola, and Christopher Zando. "In addition to automating routine travel logistics tasks, further demonstrates a deep understanding of personal travel preferences that even human travel agents often miss," Ng said. "Tom Romary and Scott Persinger have built technology that perceives, for instance, if a traveler prefers an aisle or window seat — or if their hotel needs to have breakfast, a gym, and on-site parking. agentic travel system brings simultaneous efficiency and hyperpersonalization to the travel experience.' key capabilities include: 'We're committed to leveraging AI to drive smarter, more efficient travel operations, and integrating into our corporate travel platform is a natural progression of that strategy,' said Jennifer Steinke, Director Travel, Meetings & Fleet Travel at Moderna. ' enhances our airfare and hotel booking processes, automates price tracking and re-shopping, and allows our employees to stay focused on what matters most—delivering results for our business.' To learn more or to inquire about partnership opportunities visit About At we are building agentic AI designed to simplify and enhance corporate travel, benefitting frequent business travelers, Travel Management Companies (TMCs), and Online Booking Tools (OBTs). By allowing travel planners to chat with an automated personal assistant versus searching endlessly and combing through thousands of results on flights and hotels, knows the traveler's preferences and delivers only relevant personalized options for air and lodging that are in compliance with corporate travel rules.
Forbes
16-06-2025
- Business
- Forbes
Building A $190 Million AI Venture Studio That Works
Investments in AI businesses are skyrocketing. In 2024, funding to AI companies reached over $100 billion, according to Crunchbase data, which showed an increase of 80% year over year from $55.6 billion in 2023. As the market adopts more AI products, venture capital firms are rethinking their early-stage investment strategies, and new venture studios are building frameworks that support not just the technology but also the people behind it. For Warren Packard, partner at AI Fund, the future lies in providing more than funding to early-stage startups building AI-first products. 'We don't wait for ideas to walk through the door,' said Packard in an interview. 'We build them internally and recruit the right entrepreneur at the right moment to lead the company forward.' Founded by AI pioneer Andrew Ng, AI Fund operates as a venture studio developing AI-focused businesses through a hands-on, repeatable model. Earlier this year, the firm closed its $190 million Fund II, which it will use to co-found more than 25 new startups. Packard emphasized the value of speed and depth in the studio approach: 'The studio model enables us to compress the company-building timeline and build stronger foundations from day one.' AI Fund's second fund is backed by a mix of corporate and institutional LPs, including HP Inc., TELUS Ventures, and Sequoia Capital. This reflects the growing interest from corporates in gaining early access to transformative AI technologies while mitigating early-stage risk. 'Our best ideas are often born from conversations with our LPs,' Packard noted. 'We're able to spin up companies that launch with built-in customer demand, proprietary datasets and immediate market relevance.' That structure provides value to limited partners and also mitigates risk, as shared services and playbook-based development create economies of scale not available to traditional angel or seed investors. Packard emphasized the speed and depth of the fund's infrastructure: 'From idea to MVP, we can move in weeks, not quarters. That's because we've already built the tools, the team, and the validation process.' Startups developed at AI Fund leverage foundation models and internal AI scaffolding from inception. This parallels what McKinsey & Company describes as a 'shift from AI experimentation to strategic value realization,' where organizations integrating AI into core product cycles see faster returns and more durable models. The venture studio model introduces a different equity structure than traditional VC. AI Fund takes an early ownership stake in exchange for operational support, talent infrastructure, and capital at formation. 'We are not just advisors. We're building alongside the founders,' Packard said. This co-founder dynamic results in alignment. Founders join with clear expectations, and LPs gain exposure to companies with already-in-place institutional processes. Packard was unequivocal about the fund's values: 'We are very much focused on companies that move humanity forward. We don't want to create ventures that make it easier for people to do harm.' That principle is embedded in how the fund evaluates ideas. Ethical constraints are built into our validation stage. 'We're not just looking at the technical feasibility, we're asking if this should exist,' he said. A recent Edelman Trust Barometer found that 60% of employees value ethical commitments in their workplaces and use those values as a deciding factor in employment or investment decisions. That mirrors a growing trend in venture and private equity toward values-aligned investing, particularly in sensitive sectors like AI. AI Fund offers a proven case study for venture capital, corporate venture capital and innovation firms exploring whether to build internal studios, partner with external ones, or form hybrid innovation arms. It provides an unfair advantage to help the studio startups thrive. 'The combination of AI expertise, operational infrastructure, and repeatable methodology allows us to launch multiple companies a year with real market fit and founder readiness,' Packard said. With over 30 exits to his name, he sees the studio not as a trend, but as a core innovation lever. 'AI is here for the long run. The best way to build responsibly and effectively is to start at the idea stage, not wait for disruption to come to you.'
Yahoo
10-06-2025
- Business
- Yahoo
Plug and Play closes $50 million Fintech & AI Fund to drive impact through direct access to global decision makers
Fund is backed by nine institutional investors and further cements Plug and Play as the largestcorporate innovation platform in the world SUNNYVALE, Calif., June 10, 2025 /PRNewswire/ -- Plug and Play, one of the world's most active early-stage investors, announced today during its Silicon Valley June Summit 2025 the closing of its $50 million Fintech & AI Fund with nine institutional investors. Plug and Play runs nine funds in total. The fund is the largest industry-themed fund the company has raised to date and invests in companies globally. The fund reflects the evolution of the innovation journey taken by many high-profile financial services companies. Over the years, many of Plug and Play's limited partners have actively participated in pilot and innovation programs and aided in collaborative development efforts. This participation reinforces the partners' trust in Plug and Play and its ability to recognize, fund, and scale innovative technologies. "Plug and Play's ecosystem has been a valuable source of innovation and market insight," said Sandeep Manchanda, Head of Insurance M&A and Partnerships at EXL, one of the investors of the fund. "With this fund, we're taking that engagement even further - partnering earlier and more strategically with the AI-driven technologies shaping the next chapter of insurance and financial services." Plug and Play made the fund announcement during the Enterprise & AI Expo, a part of the Silicon Valley June Summit 2025. The event features three days of more than 75 speakers and more than 200 startups coming together to discuss and demonstrate a range of technologies at the company's Sunnyvale headquarters. "AI is changing everything and industry startups are scaling faster than ever," said Eugenio Gonzalez, Partner at Plug and Play. "The fund supports our value proposition of accelerating sales cycles by connecting companies with the right decision makers at global corporations. It is a key part of this dynamic ecosystem that includes a roster of entrepreneurs and corporations we've developed over the years. It reflects a shift from shorter-form experimentation to long-term value creation as this fund allows us to back exceptional founders earlier and support them more meaningfully as they build the future of fintech, enterprise, and insurtech." In addition to capital, Plug and Play provides portfolio companies with access to a global network of over 550 corporate partners across more than 25 industries. This network provides startups with opportunities, including pilot projects, customer acquisition, and revenue growth. Plug and Play brings a strong track record, with more than 300 successful exits and a global portfolio of thousands of startups. About Plug and PlayPlug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 60+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup programs and have built an in-house VC to drive innovation across multiple industries where we've invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Turing, Lending Club, N26, PayPal, and Rappi. For more information, visit © Plug and Play Financial Services Fund I, L.P. (legal entity of the Fintech & AI Fund) Plug and Play Press ContactJacky TsangSenior Communications & PR Associatepress@ View original content to download multimedia: SOURCE Plug and Play Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
Plug and Play closes $50 million Fintech & AI Fund to drive impact through direct access to global decision makers
Fund is backed by nine institutional investors and further cements Plug and Play as the largestcorporate innovation platform in the world SUNNYVALE, Calif., June 10, 2025 /PRNewswire/ -- Plug and Play, one of the world's most active early-stage investors, announced today during its Silicon Valley June Summit 2025 the closing of its $50 million Fintech & AI Fund with nine institutional investors. Plug and Play runs nine funds in total. The fund is the largest industry-themed fund the company has raised to date and invests in companies globally. The fund reflects the evolution of the innovation journey taken by many high-profile financial services companies. Over the years, many of Plug and Play's limited partners have actively participated in pilot and innovation programs and aided in collaborative development efforts. This participation reinforces the partners' trust in Plug and Play and its ability to recognize, fund, and scale innovative technologies. "Plug and Play's ecosystem has been a valuable source of innovation and market insight," said Sandeep Manchanda, Head of Insurance M&A and Partnerships at EXL, one of the investors of the fund. "With this fund, we're taking that engagement even further - partnering earlier and more strategically with the AI-driven technologies shaping the next chapter of insurance and financial services." Plug and Play made the fund announcement during the Enterprise & AI Expo, a part of the Silicon Valley June Summit 2025. The event features three days of more than 75 speakers and more than 200 startups coming together to discuss and demonstrate a range of technologies at the company's Sunnyvale headquarters. "AI is changing everything and industry startups are scaling faster than ever," said Eugenio Gonzalez, Partner at Plug and Play. "The fund supports our value proposition of accelerating sales cycles by connecting companies with the right decision makers at global corporations. It is a key part of this dynamic ecosystem that includes a roster of entrepreneurs and corporations we've developed over the years. It reflects a shift from shorter-form experimentation to long-term value creation as this fund allows us to back exceptional founders earlier and support them more meaningfully as they build the future of fintech, enterprise, and insurtech." In addition to capital, Plug and Play provides portfolio companies with access to a global network of over 550 corporate partners across more than 25 industries. This network provides startups with opportunities, including pilot projects, customer acquisition, and revenue growth. Plug and Play brings a strong track record, with more than 300 successful exits and a global portfolio of thousands of startups. About Plug and PlayPlug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 60+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup programs and have built an in-house VC to drive innovation across multiple industries where we've invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Turing, Lending Club, N26, PayPal, and Rappi. For more information, visit © Plug and Play Financial Services Fund I, L.P. (legal entity of the Fintech & AI Fund) Plug and Play Press ContactJacky TsangSenior Communications & PR Associatepress@ View original content to download multimedia: SOURCE Plug and Play
Yahoo
29-05-2025
- Business
- Yahoo
AI Adoption in 'Early Innings,' AI Fund's Andrew Ng Says
AI Fund Managing General Partner Andrew Ng says the value of artificial intelligence is steadily rising on "Bloomberg The Close."
