So can artificial intelligence (AI) take over the role of human VCs? This particular startup seems to go along this line of thinking. It lets you pitch your tech idea to an AI-based VC fund that ultimately hands out millions worth of bucks for virtually any idea you can think of. Nobody knows whether the money is actually doled out or not?
Called the ‘AI VC’, it claims to be ‘the world’s first Venture Capital fund powered entirely by artificial intelligence’. It starts out explaining that it’s taking advantage of the fact that human VCs are on vacation, now that it’s summer, & that AI VC, developed by ‘leading research universities’, is now ready to take over & fund the best entrepreneurs all summer long.
It then goes on to say that it’s advanced predictive algorithm-based AI VC is all data driven & its AI engine has insights into each & every VC deal that’s ever been made, updating this in real time. In a tongue-in-cheek manner, it goes on to add that applicants no longer have to bother with things like partner meetings, coffee meetings, egos, personalities & due diligence.
Going along, you just answer a few questions & it immediately gives you an investment decision, often in the 10s of millions of dollars. The 1st step is to give yourself a company name, & to make sure that it’s an ‘esoteric or pun-based moniker’. It then asks what the problem is that you’re seeking to solve, giving you a choice between something that would interest ‘irrational human beings’ or ‘evil, monolithic corporates’. If you target corporates, it naturally assumes that you’re developing some sort of ‘bot’ tech, like Charbots, VRbots or Fintechbots, & looks unfavorably upon leaving a portion of the market to non-bot (human) labor.
After this it asks you to input growth numbers, giving sample measurement criteria like MRR, LTV, MOM & WTF. It then goes on to tell you to immediately pivot to a “hotter” space & makes you spin a slot machine-like thingie that suggests a tech you should be getting into instead & a particular market segment. When I tried it, the AI VC raised US $17 million for me & told me to enter the ‘sustainable wearables for quidditch allstars’ business. But like we said before, nobody knows whether this is just a fun exercise or there’s really money at the end of all this effort.
- This post is merely a startup profile based on publicly available information & not a review. –
Image Credit: AI VC
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