Venture fund and co-creation firm for AI-powered businesses The Hive has closed its third vehicle on $26.5m.
The Hive III will enable the firm to co-create over seven startups across the next three years. It focusses will be on early-stage companies which are using AI technology in ‘key industry segments’.
Backers to the vehicle include Verizon Ventures, Software AG, GE, Rockwell Automation, March Capital Partners and among a group of unnamed individual investors.
To date, Fund II has co-created two startups business process robotics company Decision Engines and data and analytics platform Live Objects.
Hive looks to provide the initial $1.5m to $2m seed capital to companies as well as follow-on investments with other venture firms. Since 2012, the firm has helped to co-create and invest in 24 companies.
The firm looks to invest in AI, conversational agents, edge intelligence, blockchain and computer vision technology which can be implemented in industries such as financial services, insurance and health.
Some of the key solutions Hive looks to develop are cognitive enterprises, autonomous agents, smart things, ambient commerce and cybersecurity.
Verizon Ventures director Vijay Doradla said, “We are excited to expand our relationship with The Hive with a new investment in The Hive III. This will offer Verizon an opportunity to support crucial enabling technologies and application ecosystems in AI, Blockchain, Robotic Process Automation and other areas.
“We believe The Hive, utilizing its growing entrepreneurial network and innovation track record, will offer Verizon unique value as we build the next-generation network economy.”
A handful of venture firms closed funds last week, with China-focused Sky9 Capital closing its third technology-focused vehicle on $200m.
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