JOIN USOurCrowd, Israel-based global equity crowdfunding platform, on Thursday announced the launch of Cognitiv, a specialized $100 million global fund.
According to OurCrowd release, the fund is focused on early-stage companies that leverage AI, deep-learning, IoT, robotics and digital manufacturing to become tomorrow's category leaders.
Cognitiv is the 12th fund to launch for funding on OurCrowd's platform and will give investors access to approximately 20 companies, with initial investments in EquityX, KolGene and FreshKeep.
Cognitiv is a direct result of the success of OurCrowd First, the first fund entry by OurCrowd, raising approximately $12 million, closing in May 2016.
Cognitiv is led by three storied entrepreneurs, collectively responsible for creating value in the billions of dollars. Cognitiv's newest General Partner, Avi Reichental is the former President and CEO of 3D Systems. Reichental partnered with OurCrowd First's Eduardo Shoval and Yori Nelken, both of whom come with highly successful track records in early-stage company-building and investment.
Avi Reichental, General Partner at Cognitiv, said AI powered transformation is poised to disrupt and automate every sector in business – from healthcare and financial services to agriculture and manufacturing and could create the largest transfer of wealth in recorded history.
"Having built successful businesses ourselves, we understand that what looked impossible just yesterday, is fast becoming tomorrow's reality. That is why we are seeding and scaling the very businesses that we believe are harnessing the power of cognitive technology to become tomorrow's category leaders," said Reichental.
Commenting on the development, OurCrowd Founder & CEO Jon Medved said OurCrowd is thrilled to partner with Cognitiv and once again work together with Eduardo, Yori and Avi to launch a fund that is at the intersection of tech disruption and wealth creation.
"This growth from $12 million under management to a proposed new $100 million fund is reflective of the rapid and dramatic growth of the fund management business within the OurCrowd platform and underscores our expanding global reach and the power and vibrancy of our unique ecosystem,"said Medved.
OurCrowd First's diverse portfolio represents multiple exponential tech sectors including Ag-Tech, 3D Printing and Digital Health. Companies include deep learning imaging company Zebra Medical Vision, Ag-Tech disruptors Taranis and Centaur, AI powered visual service provider TechSee and Ultrafast 3D printing company Nexa3D, and more.
OurCrowd First invested alongside leading investors including Softbank, Khosla Ventures, Finistre, Salesforce CEO Marc Benioff, and Artis Ventures. Several of the portfolio's seed investments have already converted into larger Series A rounds of significant size.
In an interaction with DH last year, OurCrowd CEO Jon Medved said he is buoyed by the growing global enthusiasm in the Indian startup ecosystem.
"We have been witnessing Indian startups, especially from the Asian region, making a global impact with their product and market access. So, now we have decided to focus more on India," he said.
Medved said OurCrowd's India journey started when it made first investment in Zoomcar, a self-drive rental service that is US-incorporated and based in Bengaluru. "We made Zoomcar investment last year with a total of $5,921,459. We are happy with that investment and scouting for half a dozen companies this year for $5 million in each," he said.
Besides Bengaluru-based crowdfunding platform LetsVenture, OurCrowd also signed a strategic collaboration agreement with Reliance Private Client, a part of Reliance Capital owned by Anil Ambani.