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Rewired Targets Growth-Stage AI Ventures

by businesswireindia.com

Business Wire India

Rewired is seeking to make new investments of $5m to $30m in growth-stage artificial intelligence and robotics ventures.

The deep-tech fund invests in applied science and technologies and says it is vital that investment continues despite ongoing global events.

Rewired received $100m of new funding in 2019 from investor Tej Kohli.

Rewired, the robotics focused venture studio that invests in growth-stage technology ventures, is seeking to add new artificial intelligence and robotics investments to its portfolio. The portfolio currently encompasses innovations in machine learning, robotics, bionics, smart sensors, mapping and localization in the UK and USA.


This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200330005016/en/


Backed by investors who believe that analysts are underestimating the prospects of AI, Rewired seeks to make investments of between $5m and $30m. Its status as a venture studio means that Rewired uniquely seeks to attain a substantial or majority position as an investor, and to then provide long term funding and expertise. The Rewired approach is to alleviate founders from the burden of constant fundraising so they can focus on growth, whilst avoiding the dilution that VC’s typically accept during multiple funding rounds.


Rewired is seeking to back ventures that require growth capital to scale existing proprietary solutions that have already been proven, with a clear pathway to profitable growth. Experienced founders and a management team with commercial credibility in the intended marketplace are also a prerequisite for a Rewired investment, as is acceptance that the venture studio seeks to take a significant equity stake and to play a very active role.


Rewired has also made two new appointments in its Swiss office to support future deal flow. Laurent Bischof has joined Rewired as a Board Director. In 2016 Laurent co-founded Bloom, the first AI platform dedicated to strategic analysis of social networks. He also has over 15 years of venture capital experience. Marc-Olivier Bertholet has joined Rewired as a special advisor with over 20 years of international biotech and MedTech experience.


Many of the ventures backed by Rewired have humanitarian applications. In October 2017 Rewired led the funding round for Mountain View-based Aromyx, a venture that has developed olfactory biosensors that enable machines to taste and smell. In 2019 Aromyx completed successful trials of its olfactory sensor technology with a global plastics and chemicals company. Less than 10% of the world’s plastics are currently being recycled, with odour quality being a major barrier to broad-scale recycling. The 2019 trials indicated that the Aromyx technology could help to raise global plastic recycling to between 60% and 80%.


In 2017 Rewired also backed Bristol-based Open Bionics, a robotics manufacturer that has developed the next generation of 3D-printed bionic limbs. The company’s ‘Hero Arm’ is the world’s first clinically approved 3D-printed bionic arm. Since its fundraising, Open Bionics has expanded and exported bionic arms to the USA, Europe Australia and New Zealand.


Based in London in the United Kingdom and Lausanne in Switzerland, Rewired is funded by investors including the Cascade Global multi-family office and the Kohli Ventures investment vehicle of Tej Kohli. Cascade Global is also an investor in the Rewired.GG sister fund, which in 2019 became Europe largest esports investor when it invested €34m in an esports team.


Laurent Bischof, newly appointed Board Director of Rewired said:


“The majority of Rewired investments are still in stealth mode. But we believe that artificial intelligence and robotics will change everything, from making businesses more efficient to improving healthcare and even extending human life. The ventures that Rewired seeks to back are building the technology platforms that will help to power the new economy.”


Amit Jain, CEO of Cascade Global said:


“There are unprecedented events in the world at the moment and it is vital that we continue to invest in building the future through funds like Rewired. The promise of the artificial intelligence economy offers unprecedented opportunities to improve every aspect of human life and Rewired seeks to back the ventures that will enable this future.”


Tej Kohli, investor in Rewired said:


“I believe that artificial intelligence will change the world for the better and will be the biggest thing to ever happen to humanity. I am fascinated by the technologies that will be needed in order to put artificial intelligence into everything. This is exactly where I have placed my investment focus and Rewired aligns with this investment outlook entirely.”


Josh Silverman, CEO of Aromyx said:


“Since Rewired recapitalised with $100m of new funding in 2019, the team has always been emphatic that they have the resources available for $20m+ of further funding that could be made available to us. This is commensurate with what I have come to learn is the Rewired philosophy – that founders are free to build their company without constant fund-raisings.”


About Rewired


Rewired is a robotics focused venture studio and investment fund. Established in 2017 in the United Kingdom and Switzerland, the Rewired thesis is that artificial intelligence can make every industry and everything that is around us perform better with minimal human input. Rewired is on a mission to master the constellation of technologies that will enable this AI economy. This involves looking past the capabilities of human perception and into new technologies that allow us to tap into and create entirely new modalities of data and advancements that will enable the optimal application of AI throughout everyday life.


Click here to watch a video about Rewired


Click here to visit the Rewired website




Source: Businesswire