Infosys will contribute $10m to the second House Fund, which is targeting a $50m close to back UC Berkeley-linked businesses with a focus on AI.
The House Fund, a US-based VC firm focused on University of California (UC) Berkeley’s ecosystem, has secured a $10m commitment for its targeted $50m second vehicle from IT services provider Infosys, according to a regulatory filing.
Infosys’s stake will not exceed 20% of House Fund II’s overall capital. The corporate expects to close the transaction before the first quarter of its 2019-2020 financial year.
The House Fund II aims to help fund businesses launched by UC Berkeley students, alumni and faculty, with a focus on artificial intelligence-related technologies.
Other partners for the House Fund II have not been disclosed, though UC Berkeley had backed its $6m precursor through its UC Ventures initiative, which has a $25m budget to invest in local funds that support university-linked businesses.
The first fund was also backed by alumni of UC Berkeley including its founder, Jeremy Fiance, who now acts as managing partner. Its portfolio includes UC Berkeley graduate-founded blockchain app marketplace Elph and travel booking software provider WeTravel, a graduate of the university’s SkyDeck accelerator.
The House Fund is affiliated to a UC Berkeley-focused incubator, the House, set up to support the university’s student and alumni entrepreneurs.
UC Berkeley and the House also operate an AI-focused accelerator alongside Gradient Ventures, the AI-focused corporate venturing arm of internet technology company Google, itself a subsidiary of diversified conglomerate Alphabet.
