AI Powerhouse GFT Ventures raises oversubscribed $140 million first round led by Jeff Herbst, ex-NVIDIA, and Jay Eum, ex-Samsung Ventures
PALO ALTO, CA, USA, September 18, 2023 /EINPresswire.com/ — Global Frontier Technology Ventures (“GFT Ventures”), a deep technology venture capital firm headquartered in Palo Alto, CA, is pleased to officially announce the final closing The first phase of the fund focuses on supporting early-stage startups working to advance artificial intelligence (AI), data science and other cutting-edge technology areas. The fund is co-founded and led by distinguished industry veterans Jeff Herbst (formerly a member of NVIDIA’s executive leadership team) and Jay Eum (formerly founding managing director of Samsung Ventures and co-founder of TransLink Capital). The fund will invest in leading seed and Series A startups based in the U.S. and Israel developing disruptive technologies that solve the world’s toughest technology problems for the largest markets.
“Modern artificial intelligence and data science technologies have ushered in a new era of accelerated computing, raising the bar for software, hardware and systems development across all industries,” said Jeff Herbst, co-founder of GFT Ventures. “The old days of code-driven programming have given way. to a new data-driven approach in which software can essentially write itself by gathering patterns from massive data sets. If traditional business models don’t evolve quickly and adopt these new approaches, they will become obsolete. With At the same time, history tells us that extreme, disruptive innovations are often difficult to absorb by many large enterprises. As we move deeper into the exponential technology cycles we are likely to see in our lifetimes, the startups we work with will benefit More reliance and cooperation on business.”
Prior to co-founding GFT Ventures, Jeff Herbst served as Vice President of Business Development at NVIDIA for 20 years.
While at NVIDIA, Herbst led the company’s global business development efforts, including overall startup/venture ecosystem development and investments through the Inception global AI startup accelerator, as well as global M&A activities. During his tenure, more than 40 venture investments were made and more than 20 acquisitions were made, including the company’s $7 billion acquisition of Israel’s Mellanox. As a key member of NVIDIA’s executive team, Herbst works closely with other senior members of the management team to establish NVIDIA as a global leader in accelerated computing and artificial intelligence. Prior to joining NVIDIA in 2001, he was a partner at the Palo Alto law firm of Wilson Sonsini and held other executive management positions in the technology industry. Herbst holds a J.D. from Stanford University and a BA with honors in computer science from Brown University.
“We are extremely excited to launch our first fund and embark on a transformative journey in artificial intelligence and other cutting-edge technology investments,” said Jay Eum, co-founder of GFT Ventures. “Jeff and I have been friends and partners for over 20 years. Investors, we have developed deep connections through early morning workouts at Bay Area boxing gyms for more than a decade. Our track record of investing in artificial intelligence and other deep technologies over the past two decades has positioned us well in understanding and identifying the underlying technologies Significant progress has been made on these technologies that will power the next wave of advancements in artificial intelligence and data science across industries. Additionally, our already vast network of founders and businesses, combined with a history of nurturing and advising them, will enable We are able to position our portfolio companies for unparalleled success.”
Prior to co-founding GFT Ventures, Jay Eum was the co-founder of TransLink Capital, an early-stage venture capital firm that currently manages over $850 million and is backed by several leading Asian technology companies. Eum is also a founding managing director of Samsung Ventures, where he established and led Samsung’s U.S. venture capital business and was responsible for U.S. investments and portfolio management. Eum began his venture capital career in the Silicon Valley office of Vertex Management, the Singapore-based venture capital arm of investment firm Temasek Holdings. His broad portfolio spans multiple deep technology verticals, including artificial intelligence, blockchain and robotics. Eum holds an MBA from Stanford University, a bachelor’s degree in chemistry and a master’s degree in biochemistry from Seoul National University.
“As the former chief scientist at NVIDIA and now a senior advisor at GFT Ventures, I’m excited to be part of the distinguished GFT Ventures team, which has demonstrated a strong track record in AI investments. I can personally attest to accelerated computing technology The huge potential and the AI innovation they are bringing now. With the successful conclusion of the first fund, I believe they will continue to push the frontier of AI innovation, drive the industry forward, and have a lasting impact on the global technology landscape. ”
– Dr. David Kirk, former chief scientist of NVIDIA, winner of the IEEE Computer Society Seymour Cray Computer Engineering Award, and senior advisor of GFT Ventures.
About GFT Ventures: Global Frontier Technology Ventures (“GFT Ventures”) is a deep technology venture capital firm based in Palo Alto, California. We specialize in supporting early-stage startups based in the United States and Israel, working to advance artificial intelligence (AI), data science, and other cutting-edge technology areas.
Joseph Lee
GFT Ventures
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