Bernard Arnault, the founder and CEO of LVMH and the world’s fourth-richest person with a net worth of $184 billion, has recently caught the attention of many by delving into the realm of artificial intelligence investments. Through his tech-focused venture firm and family office, Aglaé Ventures, he has made a series of AI-related investments in the year 2024.
While the exact amounts of Aglaé’s investments remain undisclosed, it has been revealed that the funding rounds for the AI firms totaled over $300 million. One of the significant investments made by Aglaé was in a French startup called H, formerly known as Holistic AI, which focuses on achieving full artificial general intelligence. This funding round in May amounted to $220 million, valuing H at $370 million. Aglaé also participated in investments in startups like Lamini, Proxima, Borderless AI, and Photoroom.
Bernard Arnault is not new to investing in tech startups. Over the years, his family office has been involved in funding companies like Netflix, Spotify, and Airbnb. Despite being recognized for his dedication to luxury craftsmanship, historic brands, and emotional connections to designs and artists, Arnault has a keen interest in the tech sector. In a speech at the LVMH Innovation Awards, he highlighted the alignment of startup mentality with their core values of creativity, quality, an entrepreneurial spirit, and meaning.
Aglaé Ventures, under the guidance of Bernard Arnault, has diversified its investment portfolio to include sectors beyond luxury. While the Arnault family fortune predominantly lies in LVMH, they have expanded their investments into various industries, including technology, consumer goods, business services, and financial services. This strategic diversification is aimed at minimizing risk and exploring emerging opportunities in the market.
Arnault’s approach to investing in AI companies reflects a long-term vision and a commitment to technological innovation. By partnering with prominent firms and industry experts, such as former members of Google’s DeepMind AI unit and venture firm Accel Partners LP, Aglaé Ventures aims to drive growth and transformation in the AI space. These strategic partnerships not only enhance the credibility of their investments but also bring valuable expertise and resources to the table.
Bernard Arnault’s venture into artificial intelligence investments signifies a shift towards innovative technologies and disruptive business models. By leveraging his wealth and expertise, Arnault aims to stay ahead of the curve and capitalize on the burgeoning AI market. With a diverse investment portfolio and a history of successful ventures, Arnault’s foray into AI companies is likely to yield significant returns and solidify his position as a visionary investor in the tech industry.
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