West Palm Beach, FL-based asset manager Apis Capital Management has launched Apis Ventures, a private equity fund focused on the acquisition and development of companies in the artificial intelligence, machine learning, and neural networks space.
Apis Ventures will focus on small to medium-sized companies in the $100-500 million range, that have unique intellectual property or products and can create synergy dynamics across the portfolio.
The new fund’s goal will be to lead companies to profitability by focusing on the applications of AI technology, especially in financial services and capital markets.
The fund has already raised capital and expects to begin deploying it in the next month. It is further backed by two separate revolving credit facilities allowing it to take on strategic M&A and LBO initiatives.
Dr. Edgar Radjabli, Managing Partner of Apis Capital Management, would not disclose any specific companies that Apis Ventures would be investing in or acquiring but stated that “we do have a specific list of high strategic value targets, as well as some initial deals in the pipeline, and we will announce those in due course. We have intentionally stayed under the radar, to keep potential targets from becoming overvalued by speculation of interest from Apis.”