Artificial intelligence startup Anthropic, the firm behind AI chatbot Claude, has inked a deal with venture capital firm Menlo Ventures to launch a $100 million fund to support up-and-coming AI firms. 

In a July 18 statement, Anthropic said it launched the Anthology Fund to support new AI startups innovating with generative AI technology.

Anthropic partners with Menlo for $100M fund investing in AI startups image 0 Source: Menlo Ventures

Anthropic said the fund would provide support to AI entrepreneurs in five primary areas of development, including infrastructure: novel applications of AI in industries such as healthcare and education, consumer AI solutions, trust and safety tooling, and AI apps and technology that maximize societal benefits.

AI companies that receive backing from the Anthology fund will be granted access to Anthropopic products, research, $25,000 in credits to use on their AI models, and additional support from Menlo.

Anthropic is most notably the company behind the AI chatbot Claude.

Related: Former OpenAI, Anthropic employees call for ‘right to warn’ on AI risks

Its most recent model Claude 3 was released in full to European users on May 14. Prior to this, Europeans had to skirt restrictions by using a VPN and there was lowered functionality available for European languages.

On Nov. 16, 2023, Menlo Ventures closed a $1.35 billion funding round it said would support the “forthcoming generation” of AI firms. To date, Menlo Ventures has raised roughly $4 billion to fund new developments in the AI sector.

Anthropic was founded in 2021 by former members of competitor AI firm OpenAI.

In the last year, Anthropic has secured investments from some of the largest names in tech, including Amazon and Google , who committed respective investments of $4 billion and $2 billion.

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