South African investment firm Ethos has announced its 1 billion rands ($69.3 million) artificial intelligence (AI) fund.
The AI Fund, the Ethos AI Fund I, is meant to support business players who utilize AI that brings advantages, including algorithmic decision-making. Ethos is seeking out South African companies that utilize AI into their businesses.
The firm is seeking out more investors to meet its targeted amount of $69.2 million and currently has collected $41.5 million from Ethos Capital and Standard Bank.
Ethos said that the fund will co-invest alongside other Ethos-managed funds, originate proprietary investments, and is expected to generate differentiated value for its investors by helping its portfolio companies to navigate and benefit from artificial intelligence.