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Venture Capital
metaplanet.com

Investments

71

Portfolio Exits

2

About Metaplanet

Metaplanet is an early-stage investment firm making long-term bets on contrarians and leveraging the knowledge and network across sectors. It backs mission-driven founders working on positively disruptive deep technologies.

Headquarters Location

Toompuiestee 33a

Tallinn, 10149,

Estonia

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Latest Metaplanet News

Mythos Ventures grabs $14M for inaugural fund to invest in AI

Sep 27, 2023

Mythos Ventures , an early-stage venture capital firm started by Vishal Maini, closed $14 million in capital commitments for its first fund that will invest in transformative AI companies. Metaplanet, Delphi Ventures and The Operating Group are backers alongside a group of individual investors, including Phil Black, co-founder of True Ventures; Walter Kortschak, managing director of Summit Partners; Tom Shaughnessy, co-founder of Delphi Digital; and Anna Counselman, co-founder of Upstart. The solo general partner firm, based in San Francisco, joins the likes of Connect Ventures , Fuse and Unconventional Ventures in announcing a new fund this month. Maini is joined by partners Jonathan Eng and ‍Paul Gu, the latter he has known since young adolescence. They grew up together, even studying together at Yale. All three worked together at Gu’s startup Upside, a fintech company focused on lending. Most recently, Maini was at DeepMind working on safety and artificial general intelligence deployment. “It was pretty clear from being in the trenches that we were just about to cross the chasm from research to product ready,” Maini told TechCrunch. “We’re not even in the full swing of it yet. I started this now because I believe that in the next decade, a wave of companies will be built that will be genuinely history-defining in terms of the types of transformation that are achieved. It felt like the right time to bring a team together to focus on that.” However, before you sigh about yet another VC firm targeting AI companies, Maini does understand. Not only did he say it was “a bad time to start a fund,” he doubled down and said it was “arguably an even worse time to start an AI fund.” Why? Because everyone is moving into the AI space, of course. Ultimately, though, Maini was able to get the commitments in about six months and more than double his initial target of $6 million. Here’s how: leaning into its differentiation of “transformative AI.” He explained that it’s a term used by Open Philanthropy, an early funder in OpenAI. The definition has two parts: One is impact-based in terms of reaching a certain level of advanced AI systems. The second is around the capability of frontier systems and having AI that is as good as a human at cognitive tasks. The term is still catching on, he added. “That will change in the next few years because, in my view, it’s the correct term to be used to describe the space rather than generative AI,” Maini said. Maini intends to write check between $100,000 and $2 million for companies raising at the pre-seed and seed levels. Mythos is going after startups in areas Maini considers underhyped. For example, companies that don’t heavily rely on generative AI or neural networks, but instead use machine learning paradigms and artificial cognition to upend industries. Another is artificial general intelligence-proof companies that will be relevant five or 10 years from now when he said there won’t be a need to call a company an “AI company” anymore. The firm has invested in four companies from the new fund, including Elicit , which is building an AI research assistant to automate scientific review, and which announced its first funding round this week. Others are Monumental, building AI-enabled robotic stone-carving factories, and ValueBase, which is automating real estate valuations. “We want to be there from the idea stage, and we’re with the founders all the way through to the end,” Maini said. “I honestly don’t think that there will be any AI companies in 10 years. It’ll be a weird thing to say. Everyone’s going to use AI in 10 years. We will invest in the companies that will ride that tailwind as that transition plays out.” Have a juicy tip or lead about happenings in the venture world? Send tips to Christine Hall at chall.techcrunch@gmail.com or Signal at 832-862-1051. Anonymity requests will be respected.

Metaplanet Investments

71 Investments

Metaplanet has made 71 investments. Their latest investment was in Fhenix as part of their Seed VC on September 9, 2023.

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Metaplanet Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/26/2023

Seed VC

Fhenix

$7M

Yes

3

7/25/2023

Pre-Seed

Fabric Cryptography

$6M

No

2

7/19/2023

Seed VC - II

SiPhox

$10M

No

2

7/19/2023

Series A

Subscribe to see more

$99M

Subscribe to see more

10

6/29/2023

Seed VC - II

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$99M

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10

Date

9/26/2023

7/25/2023

7/19/2023

7/19/2023

6/29/2023

Round

Seed VC

Pre-Seed

Seed VC - II

Series A

Seed VC - II

Company

Fhenix

Fabric Cryptography

SiPhox

Subscribe to see more

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Amount

$7M

$6M

$10M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Sources

3

2

2

10

10

Metaplanet Portfolio Exits

2 Portfolio Exits

Metaplanet has 2 portfolio exits. Their latest portfolio exit was Ampler Bikes on February 14, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/14/2023

Corporate Majority

$99M

2

4/23/2022

Acquired

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$99M

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10

Date

2/14/2023

4/23/2022

Exit

Corporate Majority

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

Subscribe to see more

Sources

2

10

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