VC Giants Accel, Sequoia Scour Portfolio Startups for AI Risk
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VC Giants Accel, Sequoia Scour Portfolio Startups for AI Risk
(Bloomberg) -- Global investors at the world’s largest venture capital firms including Accel and Sequoia Capital India are asking their portfolio companies the same question: How vulnerable are you to artificial intelligence?
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The chaotic power of AI was on display earlier this month when online tutoring startup Chegg Inc. saw its stock price slump 48% because of competition from OpenAI chatbot ChatGPT. Now, venture capitalists around the world are evaluating their investments to find out whether AI tools could upend their industries. Chegg’s stock plunge further accelerated such reviews.
“An internal team at Accel is very deeply focused on this,” said Barath Shankar Subramanian, an India-based partner at the firm, discussing AI’s impact to its portfolio of more than 400 startups in South and Southeast Asia. The team is “spending time on the ground both in India and outside,” meeting founders, he said over video. Such an exercise is also ongoing at Accel’s home base in Silicon Valley, he said.
The reviews underscore how generative AI has grabbed the attention of investors, founders and executives, who see it both as a massive opportunity as well as disruptive force. While VC firms are trying to identify the big winners, they’re also trying to weed out the ones whose business models risk being rendered outdated by the new technology.
Sequoia Capital, which similarly has invested in more than 400 startups in India and Southeast Asia, is taking the AI risk “very seriously,” said Anandamoy Roychowdhary, a Singapore-based partner of Sequoia’s Surge, an accelerator for startups in India and Southeast Asia, and the fund’s specialist on AI and deep tech.
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