Discussions are underway to launch a Pittsburgh-based AI investment fund – modeled after The O.H.I.O. Fund that launched last year – to catalyze the local AI ecosystem, AI Strike Team's Joanna Doven exclusively told Standard & Works.
"We can't wait for the maturation of our AI companies who are going to go through acquisitions and then get that flywheel of reinvestment,” Doven said. “The economy is moving too fast. We have to accelerate an AI fund to propel all of the good things we have happening here around AI innovation."
A July article from Drexel University's Bruce Katz touted the benefits of such a model:
"We are particularly impressed and intrigued by an effort underway in Ohio. There, a group of leaders and investors has created and capitalized The O.H.I.O. Fund, focused on Ohio’s High-Growth Investment Opportunities.
The funds being raised by The O.H.I.O. Fund team are noteworthy for their size, locally sourced capital, and multi-sector investment focus."
The most recent conversations took place last week at the AI Horizons Pittsburgh Summit. Potential sources could include high-net worth individuals, legacy companies, foundations, or public resources.
