LV CEO has personally invested in 5 AI startups this year.
Translation: MetaverseHub
LVMH is the world's largest luxury goods company by market value, with its founder and CEO Bernard Arnault estimated to have a net worth of $190.7 billion, and his family's wealth ranking first in the world.
In addition to luxury goods, Bernard Arnault has been actively investing in the field of artificial intelligence (AI).
In 2024, Arnault's family office, Aglaé Ventures, has made five AI-related investments, with a total financing amount of $300 million over the past eight months.
H, founded by former Google DeepMind researcher, formerly known as Holistic AI, raised $220 million in May this year from a group of investors including Bernard Arnault, former Google CEO, Samsung, and Amazon. Led by former Stanford researcher Charles Kantor, H aims to develop Artificial General Intelligence (AGI) to create an AI as intelligent and efficient as humans.
In March of this year, Arnault co-led a $27 million seed round financing for the Canadian startup Borderless AI, which is dedicated to applying AI to the field of human resources. In February of this year, the company also co-led a $43 million financing round for the French startup Photoroom with Balderton Capital, which is developing an AI photo editing platform.
Other investment targets include some American startups, with Arnault supporting Lamini, a company based in California that focuses on enterprise AI platforms.
In June of this year, the company raised $25 million from Aglaé, OpenAI co-founder Andrej Karpathy, and Google Brain co-founder Andrew Ng. Also in April of this year, Arnault participated in a Series A financing round for the New York-based data intelligence software company Proxima, raising $12 million.
However, the investment amount of Aglaé in these companies has not been disclosed.
Previously, Aglaé had participated in four rounds of financing and invested in the Paris-based AI photo creation company Meero, which completed these financings between 2017 and 2019.
It is worth mentioning that Bernard Arnault has had extensive experience in investing in successful tech startups, with his family office investing in Netflix in 1999, Spotify in 2014, and Airbnb in 2015.
Since 2017, Aglaé has made 153 investments, 53 of which are in the technology sector.
It is worth noting that the luxury goods group LV has been continuously exploring the emerging field of AI in recent years.
In 2021, LVMH signed a five-year strategic partnership with Google Cloud to integrate AI solutions into functions such as demand forecasting and inventory optimization. In September of last year, the company held the second LVMH Data & AI Summit, with Generative AI as the theme, attracting hundreds of participants.
In May of this year, LVMH also participated in the annual technology trade show VivaTech in Paris, in which the group has been involved since its first edition in 2016.
At the VivaTech trade show, the LVMH group presented seven trophies to various nominated startups for innovation awards, including the Chinese company FancyTech, which develops video production software using Generative AI, and BLNG, a company that uses AI technology to transform jewelry sketches into visual designs.
At the VivaTech exhibition, Arnault also stated that in order to stand the test of time, companies must emphasize values such as creativity, quality, entrepreneurial spirit, and efficiency.
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