One yr after receiving a whopping $Seventy five million commitment to make investments in early stage companies making employ of synthetic intelligence to diverse industries, Glasswing Ventures has closed its debut fund with $112 million.
It’s a vital milestone for a agency that purports to be the succesful early stage investor centered on machine finding out on the East Wing, and one among the succesful early stage funds to be led by females.
Essentially based by Rudina Seseri alongside her longtime investing companion Rick Grinnell and bolstered by the addition of aged portfolio govt Sarah Fay, Glasswing so a long way has invested in three startups: BotChain (a company spun up from Glasswing’s early funding in the AI management company, Talla); Enchantment Security, a threat detection company; and Terbium Labs, whose provider alerts companies when sensitive or stolen recordsdata of theirs looks on the Web.
For Seseri and Glasswing, the shut is commonly shapely the starting. As she acknowledged in an announcement:
“Elevating an AI-centered fund on the East Wing is shapely the starting for Glasswing Ventures. As we embark on a drag to shape the future, we are laser-centered on investing in distinctive founders who leverage AI to raze disruptive companies and turned into markets. Past providing shipshape capital, we are firmly committed to supporting our entrepreneurs with all aspects of establishing and scaling their companies.”
The fable, for Seseri and her co-founder Grinnell really begins almost a pair of decade previously at the endeavor agency Fairhaven Capital, the rebranded funding arm of the TD Bank Staff.
At the time of the agency’s launch in 2016, Glasswing became focused on $a hundred and fifty million for its first fund, with a 2.5% management price and 20% carried interest (gleaming routine phrases for a endeavor fund), in step with reporting by Dan Primack reduction when he became at Fortune.
In a pitchdeck considered by Primack the agency became touting four.25x return a pair of on its investments including 6x realized and 1.8x unrealized in offers devour Grinnell’s exit from EqualLogic (which became supplied to Dell for $1.forty six billion) and Seseri’s investments in Jibo (which is now regularly nugatory) and SocialFlow (which isn’t).
Fay, who labored at a portfolio funding of Fairhaven’s, became resulted in soon after the two partners launched their contemporary endeavor.
Glasswing indubitably advantages from the agency’s proximity to Boston’s stellar universities. And Seseri, a Harvard University graduate maintains shut ties with the analysis neighborhood at each Harvard and MIT — tapping luminaries devour Tim Berners-Lee to take a seat down on the agency’s advisory council for networking.
Walk Martin, Marketing and Events Supervisor, Emma Marty, Operations and Increase Coordinator, Rick Grinnell, Founder and Managing Partner, Rudina Seseri, Founder and Managing Partner, Sarah Fay, Managing Director, and Andre Rocha, Funding Accomplice