Mayfield Fund's New AI Garage: A $100M Initiative for 'AI Teammate' Startups

Mayfield Fund, a 55-year-old venture capital firm, is taking a unique approach to investing in the ai space. They have launched a $100 million initiative called AI Garage, specifically focused on fostering the development of "AI teammate" companies.

What are 'AI Teammate' Companies?

Mayfield Fund defines "AI teammate" companies as those building ai applications that go beyond simple assistants or agents. These ai "teammates" collaborate with humans on complex tasks, aiming to achieve shared goals.

• Unlike traditional assistants, "AI teammates" are designed to work alongside humans, not just in place of them.
• They are expected to elevate human capabilities by providing intelligent support and collaboration.
• Mayfield believes "AI teammates" will lead us into a new era of "collaborative intelligence."

AI Garage: Scaling Mayfield's EIR Program

AI Garage is essentially a scaled-up version of Mayfield's longstanding Entrepreneur-in-Residence (EIR) program. For 40 years, Mayfield has been supporting one or two EIRs each year by helping them turn their raw ideas into fundable companies.

• With AI Garage, Mayfield plans to expand its EIR program, welcoming up to five aspiring founders every six months.
• These founders will receive mentorship, guidance, and access to resources within Mayfield's network.
• Mayfield will allocate between $1 million and $5 million to each company once a viable business plan is developed.

Differentiating AI Garage from Other Programs

Mayfield differentiates AI Garage from other accelerator programs, such as YC, and pre-seed programs like Sequoia's Arc or Greylock's Edge, by focusing on its established EIR experience.

• Instead of simply providing funding, AI Garage offers hands-on support and mentorship, tailored to the specific needs of ai "teammate" startups.
• The program's goal is to nurture and guide ai companies from the ideation stage to becoming viable and fundable businesses.

Mayfield's Focus on 'AI Teammate' Companies

Mayfield has already invested in several companies that align with its "AI teammate" vision. These companies focus on leveraging ai to enhance human capabilities in various industries, including:

• Customer Service (DevRev)
• Sales (Docket)
• Site Reliability Engineering (NeuBird)

By launching AI Garage, Mayfield aims to accelerate the development of ai "teammate" startups and solidify its position as a leader in this emerging sector.

The Future of AI Teammate Companies

Mayfield believes there are endless opportunities for ai "teammates" to collaborate with humans in various areas, such as:

• Product and Engineering
• Data
• Sales and Marketing
• Customer Service
• IT and Security
• Finance
• HR
• Legal
• Administrative Functions

Mayfield Fund's Unique Approach to AI Investing

The launch of AI Garage demonstrates Mayfield's commitment to a unique and proactive approach to ai investing. They are not merely funding companies; they are actively shaping the future of ai by nurturing the development of ai "teammate" startups.

Mayfield's focus on ai "teammates" and their collaborative approach to ai innovation sets them apart in the venture capital landscape.

In Summary

Mayfield Fund's AI Garage is a $100 million initiative that aims to identify and support early-stage companies building "AI teammate" applications. This unique program combines Mayfield's expertise in venture capital and startup development with a focused approach to ai innovation. The initiative signifies Mayfield's commitment to fostering the development of ai technologies that enhance human capabilities and lead us into a new era of collaborative intelligence.