fund:AI is the North’s first dedicated AI, Machine Learning and Data Science Fund.
Artificial Intelligence is one of the most significant emerging trends in the UK. The UK ranks first in Europe and third globally in developing AI technology. Our team have deep sector experience in Data rich businesses having invested, advised, and founded some of the North’s most important ‘unicorn’ and ‘futurecorn’ AI companies.
fund:AI is an EIS growth fund that will provide investors with access to a unique selection of innovative growth AI companies or tech enabled companies with big data sets. It is intended for investors who want to achieve capital growth (rather than income) by investing early-stage, unquoted companies which have the potential to increase in value significantly.
fund:AI will invest development capital to businesses seeking to accelerate their growth or build out their platform. This includes:
- Launch and expansion of products
- Creation and expansion of data science teams
- Creation of IP/Product from un-tapped big data sets
80% of our investments will be in our target territories of the North West of England, North Wales and West Yorkshire. The Midlands and North East of England are also included within our target geographies.
As an ‘Evergreen’ Fund, fund:AI will have two ‘soft closes’ per annum. Each ‘soft close’ will be in March and September. The fund is an Enterprise Investment Scheme which was introduced by the Government via the Finance Act 1994. Investors will be able to claim EIS reliefs with a taxable date matching the date the funds are invested into the underlying invest companies.
It is recommend that prospective Investors seek independent advice to ensure that they fully understand how any tax advantages may apply to their situation and circumstances. Tax treatment depends on the individual circumstances of each investor and may be subject to legislative or other changes in the future. River Capital does not give tax advice and prospective investors should consult a tax or other suitably qualified advisor to discuss their personal circumstances.
At a glance
- Dedicated AI, Machine Learning & Data Science Fund
- Funding between £500k to £2m
- Available to EIS eligible companies based in the North
Eligibility
EIS businesses must be UK-based and not trading on a recognised stock exchange. They tend to be privately owned seed and early-stage businesses that have no more than £15 million in gross assets when shares are issued and no more than £16 million immediately after.
The companies we focus on are often B2B and occupy future-focused industries, including AI, Machine Learning and Data Science.