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 (£46.6 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.
Bonanzinga said European start-ups were scattered across the continent, meaning that many early stage companies did not come to the attention of firms based in major cities like London.
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.