This investment firm has $112 million to spend on AI startups
Glasswing Ventures, a young Boston investment firm that funds startup companies focused on artificial intelligence, announced Thursday that it has raised $112 million for its first fund.
The firm, led by former Fairhaven Capital executives Rudina Seseri and Rick Grinnell, has been making early-stage investments for about a year.
Its investments include Talla, a Boston company that makes computerized assistants that carry out office tasks; Allure Security, a Waltham firm that protects against the theft of digital documents; and Terbium Labs, a Baltimore outfit that searches the “dark Web” of hidden Internet activity for potential threats.
Seseri said in an interview that the final size of the fund will allow Glasswing to fund “the next wave around AI,” providing cash to pull promising ideas out of universities and laboratories along the East Coast.
Seseri said she believes Glasswing is taking advantage of a need in the market for very early-stage startup investments — often called “seed” and “pre-seed” rounds — as many established venture funds focus on larger companies in the later stages of their development.
She said Glasswing’s typical investment will be between $1.5 million and $3 million.
“The engine is there. The machinery is there. We’re just providing the fuel,” she said.