US-based photo and video editing app developer Prequel has launched an investment initiative focused on artificial intelligence (AI) technology, computer vision and augmented reality-based visual art.
Founded in 2018, Prequel has developed a mobile-based app that allows users to edit videos and photos and as well as add filters and other effects.
The company plans to invest $10m in early-stage technology startups with a particular interest in generative artists, technology development studios and projects that intersect the fields of technology and art, each year through Prequel Venture Studio (PVS).
In addition to funding, Prequel plans to provide mentorship on technology and business development to the participants in the scheme.
Prequel’s co-founder and CEO, Timur Khabirov, said: “The mission of PVS is to improve AI technologies by attracting and fostering a community of creators that will be able to propel the visual tech industry into the future. We are excited to see fresh concepts that marry AI, creativity and empathy for the user.”