(TheConservativeTimes.org) – Bernard Arnault, CEO and founder of LVMH, is shopping around for artificial intelligence startup companies. Arnault is the fourth richest person in the world with a net worth of over one hundred and eighty billion dollars. He has made multiple investments this year through Algae Ventures, his tech-focused firm and family office.
Algae has already made five artificial intelligence related investments this year. The exact amounts invested are not disclosed, but the total amount of Algae investments in AI companies is over three hundred million dollars. H, or Holistic AI, was allegedly the largest investment, and they are a French startup that’s focused on working on artificial general intelligence.
This company was founded by former members of Google’s DeepMind AI unit, and it includes Eric Schmidt, who is the former CEO of Google, as an investor. They also invested twenty-five million dollars in Lamini, a startup that’s focused on building enterprise AI applications.
Additionally, they invested in Proxima, the AI-powered digital marketing company. A lot of Algae’s investments came this year, but they did invest in four funding rounds about seven years ago. Since 2017, Algae has made a total of one hundred and fifty-three investments.
The main investments are made in technology, with the rest being in consumer goods, business services, and financial services. The Arnault family is into the luxury scene, but with their family holding almost fifty percent of the shares and controlling over sixty percent of the vote, they have no reason to invest in luxury.
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