The House Fund, a US-based venture capital firm focused on University of California (UC) Berkeley’s ecosystem, has secured $10m from IT services provider Infosys for its second vehicle, according to a regulatory filing.
House Fund II has targeted a $50m close, and the corporate’s stake will not exceed 20% of its overall capital. India-headquartered Infosys expects to close the transaction before the first quarter of its 2019-2020 financial year.
The fund was set up to invest in businesses launched by UC Berkeley students, alumni and faculty, with a focus on artificial intelligence (AI)-related technologies. Its other partners have not been disclosed, though UC Berkeley had backed its $6m precursor through its UC Ventures initiative.
The first House Fund was also backed by alumni of UC Berkeley including its founder, Jeremy Fiance, who is now managing partner. Its portfolio includes UC Berkeley graduate-founded blockchain app marketplace Elph and travel booking software provider WeTravel, a graduate of the university’s SkyDeck accelerator.
House Fund is affiliated with a UC Berkeley-focused incubator, The House, which was established to support the university’s student and alumni entrepreneurs.
UC Berkeley and The House also operate an AI-focused accelerator alongside Gradient Ventures, the AI-focused corporate venturing vehicle operated by internet technology provider Google.
The original version of this article appeared on our sister site, Global University Venturing.