House Fund, the UC Berkeley focused venture capital organization, recently opened its doors to its new AI accelerator program. This comes as many companies at the forefront of the AI sector are looking to stay ahead of the curve and support newer startups that can use their newest advancements. OpenAI, Microsoft, Databricks, and Google’s Gradient Ventures are offering free and early access to tech and free software, as well as mentorship from top AI founders and executives, to the companies that sign up for the program.
The new AI accelerator program will run for two months, from early July to early September, and will accept 6 or so startups. The early application deadline is April 13th and the final deadline is June 1st. By participating in the program, startups will receive a $1 million investment on a post-money SAFE note worth $10 million. All accepted companies will be affiliated with UC Berkeley and at least one of the founders must be an alum, faculty, PhD student, postdoc, staff, student, dropout, or any other affiliate.
At the end of the two month program,House Fund companies will not have a demo day but instead will receive “directed, personal introductions” to venture capitalists that best suit their startup. Furthermore they will have access to the world-renowned AI professors at UC Berkeley, and can opt into dinners and events in collaboration with these professors.
The House Fund was created in 2016 by Jeremy Fiance and began with just $6 million in assets. Now, alone, they manage $300 million in assets, on behalf of the Berkeley Endowment Management Company and the University of California.
House Fund isn’t the only one looking to capitalize on AI,with companies such as OpenAI having their own accelerator program, Converge. Every startup that agreed to participate in this program received $1 million and admission to five weeks of workshops, events, and office hours, which was funded through their Startup Fund. Furthermore, Y Combinator, the biggest accelerator in the world, has added a slew of AI startups to its winter class, allowing them to prepare for their demo days this week.
Jeremy Fiance, the founder of House Fund, has created an AI accelerator program that could revolutionize UC Berkeley’s startup landscape. Fiance’s program is set to push the innovation of AI forward in Silicon Valley and with the world-renown faculty and mentorship, the program could give some of the biggest players in the AI sector a run for their money.
