• by Laurie Sullivan  @lauriesullivan, July 17, 2024

Anthropic’s Claude AI models will assist Menlo Ventures, one of the company’s investors, to find the best AI startups to invest in.

The investments could span support for AI in many industries, from advertising to education.

The Anthology Fund, a $100 million initiative created through a partnership between Menlo Ventures and Anthropic, will fuel the next generation of AI startups, the venture capital firm announced Wednesday on its website.

“We created this fund to fuel the next generation of AI startups through the powerful combination of Menlo’s extensive company-building experience and Anthropic’s pioneering AI technology and deep research expertise,” venture partners Matt Murphy and Tim Tully wrote in a post on the firm's website.

The venture capitalists said the Anthology Fund is an opportunity to drive AI forward. They are not looking just for startups, but rather “AI pioneers” who harness Anthropic’s cutting-edge technology to redefine what is possible today through AI.”

Anthropic won’t take a stake in the startups, but will provide networking opportunities and credits for using Claude.

If Anthropic can help Menlo Ventures find more AI startups to invest in, then it and other AI-based technology companies can also pick the best publisher and location to serve an ad that connects with consumers. 

The Anthology Fund mirrors a partnership between Apple and venture firm Kleiner Perkins, according to CNBC.

The joint venture, called the iFund, was introduced in 2008, a year after the iPhone hit the market. It was intended to support developers on Apple’s mobile platforms, and started with $100 million fund in 2008, doubling to $200 million two years later.

Murphy, a former partner at Kleiner Perkins, told CNBC the iFund was the inspiration for this launch. He also said that the major difference between then and now is that AI is moving faster than iPhone development -- 10 to 100 times more rapidly.

Anthopic's technology will score and rank applications. The fund is accepting applications from startups online.