Coatue Management, a hedge fund that put a lot of money into tech startups during the pandemic, is looking to raise $1 billion to invest in companies focused on artificial intelligence (AI), according to a report from Bloomberg on Monday.
This new funding will help boost the main fund Coatue manages and will mainly come from big institutional investors, though wealthy individuals with accounts at a brokerage firm called Raymond James and Associates can also pitch in.
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Coatue manages nearly $50 billion in assets and has supported over 170 startups in 2021. However, they have slowed down their investments in startups since then, backing just 81 companies in 2022 and about 30 in 2023.
Even so, Coatue is still investing in private companies. So far in 2024, they’ve already supported 29 new startups. Some of their recent investments in AI include companies like Glean, Scale AI, and Skild AI, which is working on a robot with AI capabilities. Philippe Laffont, the founder of Coatue, has expressed particular enthusiasm for humanoid robots that use AI.
