Bernard Arnault’s Aglaé Ventures Boosts AI Portfolio with Strategic Investments
Bernard Arnault, founder and CEO of luxury conglomerate LVMH and the world’s fourth-richest individual, further solidifies his presence in the tech world by making significant investments in AI.
According to a report by CNBC on Monday, Arnault’s family office, Aglaé Ventures, has been actively investing in AI companies throughout 2024, underscoring the growing importance of AI in various industries.
What are the investments?
Aglaé Ventures has made five key AI-related investments this year, as detailed by private wealth intelligence platform Fintrx. Among the companies that received funding are:
- H: A French startup, formerly known as Holistic AI, focused on advancing AI technologies.
- Lamini: A California-based enterprise specializing in AI applications for businesses.
- Proxima: A New York-based digital marketing firm leveraging AI to enhance marketing strategies.
- Borderless AI: A Toronto-based platform revolutionizing human resource management through AI.
- Photoroom: A France-based AI-powered image editing tool, which has gained significant traction since its launch.
The financial details of these investments remain undisclosed, reflecting the strategic yet discreet approach Aglaé Ventures has taken with its AI-focused portfolio.
Arnault’s Investment History
Arnault’s history of successful tech investments is well-documented. Aglaé Ventures was an early investor in high-profile companies like Netflix (1999), Spotify (2014), and Airbnb (2015). This demonstrating Arnault’s foresight in identifying promising tech ventures.
The family office also played a crucial role in the growth of Paris-based Meero, an AI-powered photo creation company, by participating in four funding rounds between 2017 and 2019. Since its inception, Aglaé Ventures has made 153 investments. Fintrx data shows that 53 of those are in the technology sector.
AI Investments
The surge in AI investments is not limited to Arnault’s portfolio. The second quarter of 2024 saw a remarkable increase in U.S. venture funding, reaching $55.6 billion — a 47% rise from the $37.8 billion reported in the first quarter. Notable AI-related investments include Elon Musk’s xAI, which secured $6 billion, and CoreWeave, which raised $1.1 billion.
Tech giants are also intensifying their focus on AI, reflecting the sector’s growing significance. For instance, Photoroom, one of Aglaé’s portfolio companies, reported over 150 million downloads since its 2019 inception. The company has partnered with Genesis Cloud to explore sustainable AI development, emphasizing a commitment to green computing.
“As an industry leader, it’s our duty to ensure the decisions we’re making lead to the right choice in the environment and model the behavior we want to see in our sector,” said Eliot Andres, co-founder and CTO of Photoroom.
Arnault’s continued investments in AI signal a broader shift within the luxury and technology sectors, where the integration of AI is becoming increasingly pivotal. As AI continues to reshape industries, Aglaé Ventures’ strategic investments position it at the forefront of this transformative wave.
Originally posted on OpenDataScience.com
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