Revolut founder Nick Storonsky has announced he has created Quantum Light Capital, an artificial intelligence-based venture fund with assets worth about $200 million, Forbes has reported.
Quantum Light Capital will use machine learning to identify promising startups and fund them in Series B and C rounds.
According to Storonsky, this model is designed to eliminate “the limitations of the venture capital world, where decisions are made based on the mentality of the crowd.”
At this stage, the project team includes six engineers who analyze LinkedIn, corporate documents and other databases to identify high-growth startups.
Nick Storonsky has said that he plans to hire a CEO to lead the fund.