Manchester tech investor EFE to raise £15m for new AI fund
Manchester-based tech investor EHE Ventures is looking to raise £15m for a new fund aimed at investing in innovative businesses who use Artificial Intelligence.
EHE, which stands for Entrepreneurs Helping Entrepreneurs, has also revealed it is to be chaired by former LDC chief investment officer Andy Grove, and the new AI fund will focus on “nurturing UK-based entrepreneurs at the pre-seed, seed, and Series A stages, leveraging an Evergreen fund structure for sustained growth and support.”
EHE anticipates the fund’s initial close in early Q2 2024, aiming to invest £15m in 4-6 pioneering AI-enabled companies annually, over three years.
A new core Fund Advisory Team, led by Grove as chair will also include seasoned professionals: Neil Vose who is to take on the role of Venture Partner; Pete Evison assumes the position of Operations Director; Elliot Smith and Ross Faith step up as co-Investment Directors; Simon Landi as CMO and Aleksa Vutovic joins as CTO.
Founder Guy Remond said: “Our team is a blend of extraordinary operators, each crucial to allowing us to invest with intention and significant impact. There’s a genuine excitement about the opportunities we currently have, and we’re looking forward to investing in and nurturing our founders. This Fund represents the final piece of a puzzle we’ve been diligently putting together for the past 4-5 years.”
Grove added: “My journey with the EHE team spans many years, and it’s been a privilege to witness their incredible unity, in-depth technical expertise, and rich founding experiences. This solid foundation, I believe, is what sets them apart and will lead to a transformative investment strategy for AI ventures in the UK.”
EHE Ventures sister company the startupfactory has previously invested in progressive technology companies such as Peppercorn, Sphonic and Bankifi.
