Radical Ventures co-founder and managing partner Jordan Jacobs. Its new fund will target nascent AI companies.

Toronto-based Radical Ventures has closed a new US$650-million fund to invest in early-stage artificial intelligence companies, even as the AI market looks increasingly frothy and warnings of a bubble mount.

The venture capital company, founded in 2017, began investing in AI startups when the category was far more niche and the technology had yet to have much of a commercial impact. The situation is very different today. AI startups accounted for more than two-thirds of global venture capital funding last year, totalling about US$135-billion.

“Everyone who was a crypto specialist is now an AI specialist,” said Radical co-founder and managing partner Jordan Jacobs in an intervi

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