On Tuesday, Venture Capital company Accel announced the creation of a new $650 million fund dedicated to early-stage investments in artificial intelligence (AI) and cybersecurity startups across Europe and Israel. This marks Accel’s eighth fund since establishing its London office in 2000, reflecting a strong commitment to nurturing technology innovation in the region.
Accel has a notable track record, having invested in over 200 companies in 20 countries in Europe and Israel, with ongoing investments in over 100 companies.
Accel general partners
Noteworthy early investments by Accel include industry leaders such as Meta, Dropbox, Deliveroo, Spotify, and Supercell, demonstrating its knack for identifying and supporting high-potential ventures. He highlighted plans for the fund to invest in 25 to 30 new companies, with a strong focus on the burgeoning AI sector.
It takes about three years to invest the fund, and then the life of a fund is typically around 12 years. Harry Nelis stated
He pointed out that while promising AI startups could appear across Europe, London, and Paris are particularly notable as hubs for AI development, thanks to institutions like DeepMind in London and Facebook AI Research (FAIR) in Paris.
The AI sector is expected to be a major platform shift, continuing to evolve over the next decade, and we anticipate making a significant number of investments in AI companies. - Nelis explained
The new fund comes when venture capital investment in the European and Israeli markets is experiencing rapid growth, with $66 billion invested in 2023 alone, though still trailing behind the United States $150 billion.
For these emerging companies, implementing the best VPN services will be crucial to protect intellectual property and ensure secure data transmission as they develop groundbreaking technologies.
Accel’s latest initiative is poised to energize further the AI and cybersecurity sectors in Europe and Israel, offering critical support to startups at the forefront of technological innovation.