Key facts
- Magnify Ventures has raised $46.6 million for its second fund.
- The second fund is named Fund II.
- Pivotal Ventures is a significant backer of Fund II.
- Melinda French Gates founded Pivotal Ventures.
- Fund II will invest in AI infrastructure companies.
- Target sectors for investment include health, wealth, and family care.
Magnify Ventures has successfully raised $46.6 million for its second investment fund, known as Fund II. A significant portion of this capital comes from Pivotal Ventures, the firm founded by Melinda French Gates. The primary objective of Fund II is to invest in companies developing artificial intelligence infrastructure. These target companies will focus on innovations within three key sectors: health, wealth, and family care. This strategic allocation of resources aims to drive advancements and support growth in areas deemed crucial for societal well-being and economic development. The fund's establishment marks a continued commitment by Magnify Ventures to identifying and nurturing promising AI technologies.