The world of artificial intelligence (AI) is expanding, and with it comes a wave of entrepreneurs and investors eager to shape its future. Among them is Vishal Maini, a former researcher at Google's DeepMind, who has launched Mythos Ventures, a venture fund dedicated to supporting early-stage AI startups. Mythos Ventures, founded earlier this year, has already secured $14 million in funding from over four dozen investors, according to recent filings.
Vishal Maini's journey from DeepMind to Mythos Ventures underscores the growing pool of talent and resources emerging from tech giants like Google and their commitment to advancing AI technology.
In a recent interview, Maini expressed his motivation for establishing Mythos Ventures: "I was thinking about space exploration, climate change, longevity and healthcare, and I keep coming back to AI; It’s the transformational technology for all of this. It’s the sci-fi future we’ve always dreamed about, but humans are still in the driver’s seat."
This sentiment reflects the belief that AI has the potential to revolutionize various industries, addressing critical global challenges such as climate change, healthcare, and space exploration. However, Maini's emphasis on human oversight and ethical development of AI aligns with the growing concerns surrounding AI's rapid advancement.
Venture capital firms and public companies have been pouring billions into AI startups over the past year, propelling the industry forward at an unprecedented pace. While this investment surge has fueled innovation, it has also raised concerns about the lack of adequate oversight and ethical considerations.
Maini is determined to address these concerns. He intends to prioritize the safe and ethical development of AI as an investor. Mythos Ventures will specifically focus on seed-stage AI startups that are building "pro-social technologies." These are technologies designed to benefit society while minimizing harm. Furthermore, Maini seeks startups with the potential to transform traditional industries and long-term plans for AI's future.
Mythos Ventures, based in San Francisco, plans to provide funding ranging from $100,000 to $1 million. The fund has already supported one stealth startup and three other companies:
Monumental Labs Inc.: This company is pioneering the use of robotics in stone carving. By combining AI and robotics, they are revolutionizing the way stone sculptures are created, making the process faster and more precise.
ValueBase: Specializing in real estate valuation, ValueBase leverages AI to provide more accurate and data-driven property valuations. This innovation has the potential to disrupt the real estate industry.
Elicit: Elicit, a research assistant company, spun out of the nonprofit research lab Ought and transitioned into a public benefit corporation. It recently secured $9 million in funding, with participation from Mythos Ventures, Google Chief Scientist Jeff Dean, and others. Elicit focuses on AI-powered research assistance, a technology that can enhance productivity and decision-making in various fields.
Maini's commitment to ethical AI development is further exemplified by Mythos Ventures' investments in companies like Elicit, which aligns with the principles of responsible AI and ethical decision-making.
Despite his experience and the market's enthusiasm for AI, Maini acknowledges that fundraising for a new fund in the current environment has been challenging. However, he remains determined to support startups that prioritize ethical and responsible AI.
Investors in Mythos Ventures' first fund include later-stage AI venture firm Metaplanet Holdings, along with Delphi Ventures, Coin Operated Group, and several individuals deeply focused on AI. This collaborative effort showcases a growing ecosystem of investors who recognize the importance of ethical AI and its potential to shape the future.
Vishal Maini's journey from DeepMind to Mythos Ventures exemplifies the evolving landscape of AI entrepreneurship and investment. His commitment to ethical AI development positions Mythos Ventures as a critical player in the industry, fostering startups that aim to benefit society while ensuring responsible AI practices. As AI continues to evolve and impact various sectors, investors like Maini play a pivotal role in shaping its trajectory for the better.
