Despite a slowdown in deal-making, family offices of ultra-wealthy individuals remain focused on investing in artificial intelligence startups. According to data from Fintrx, single-family offices made 40 direct investments in April, representing a 31% decrease from the previous month and a 47% decline year-over-year. However, AI-related startups accounted for half of these deals. SandboxAQ, a quantitative AI firm, finalized its Series E round of $450 million, driven by strong investor demand. The company, which spun off from Alphabet in 2022, uses AI and quantum technology for large-scale predictions and analysis, appealing to industries such as drug discovery, cybersecurity, and financial modeling. CEO Jack Hidary noted that family offices are increasingly interested in deep-tech startups due to their perceived lower risk compared to consumer-oriented tech ventures.
— new from CNBC
