LONDON (Reuters) - A London-based venture capital firm that uses artificial intelligence to find promising start-ups across Europe said on Tuesday it had raised 53 million euros ($60 million) for its biggest fund to date.
InReach Ventures was founded by Roberto Bonanzinga and John Mesrie, both previously at Balderton Capital, and Ben Smith, formerly at Microsoft's teamworking tool Yammer. InReach has spent three years developing its own proprietary AI technology to discover, evaluate and support its investments.
He said InReach Ventures was using AI to sift through and evaluate data, for example from blogposts and similar sources, to identify early-stage companies looking for their first institutional investor.
"As European venture capitalists, we need a new approach that is distinct and tailored to deal with this geographic fragmentation and economic reality. We believe the only way to achieve this is through a software-based approach, powered by AI."
The fund was particularly interested in start-ups in consumer internet, software-as-a-service and marketplaces, with typical investments of 500,000 to 2 million euros, he said.
($1 = 0.8865 euros)
(Reporting by Paul Sandle. Editing by Jane Merriman)
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