Tekcapital has taken an important step in the roll-out of its AI investment strategy by securing capital to allocate to investments in the area.
The company raised £2m by way of a placing at 10p with a proportion earmarked for investment into a ‘Generative AI portfolio company opportunity’.
The remaining funds will be used for working capital, repayment of a loan, and the launch of autonomous vehicle safety company Guident’s new headquarters.
Tekcapital first announced its intentions to diversify its portfolio into the booming AI sector last year, and today’s announcement signifies a material step toward making an investment in Generative AI. The company has hired two experts in the area: Dr Russ Salakhutdinov, the former director of AI at Apple, and Alexander Mordvintsev, who is currently a senior research scientist at Google.
“We are pleased to consummate this funding round which will enable us to strengthen our balance sheet, complete the build-out of Guident’s new RMCC to facilitate servicing its growing client base, and form a fifth portfolio company in the Generative AI space,” said Clifford M. Gross Ph.D., Executive Chairman of Tekcapital.