Flying Fish, a venture capital firm based in Seattle, is currently in the process of raising money for a new fund, called the “Flying Fish Opportunity Fund I.” The firm, which was launched in 2017 with a focus on AI, machine learning, and robotics, initially concentrated on startups in the Pacific Northwest but has since expanded its geographic reach to include Canada and other locations after raising $70 million for its second fund in 2022. The firm is known for investing in AI startups that develop both platform technologies and vertical applications, and its portfolio includes companies such as Symbl.ai, Vouched, and Phaidra.
The “Opportunity Fund” being raised by Flying Fish could potentially be used to make follow-on investments in existing portfolio companies. The fund is listed as a $25 million offering in the SEC filing. Additionally, a separate SEC filing in July indicated that Flying Fish is also raising money for a third fund. With a focus on AI startups, Flying Fish is led by managing partners Heather Redman, Geoff Harris, and Frank Chang. The firm seems to be taking advantage of the current trend of AI startups receiving a significant amount of funding, with global AI deal reaching 1,245 in the third quarter, up 24% quarter-over-quarter, according to CBInsights.
While Flying Fish declined to comment on its new fundraising efforts when contacted by GeekWire, the firm has a history of successful fundraising. It raised $37 million for its first fund in 2018 and has since built a strong portfolio of startups, including Orbital Materials, TrojAI, Groundlight AI, and Clarity. By broadening its geographic reach and expanding its focus to include AI startups in various locations, Flying Fish is positioning itself to capitalize on the growing interest in AI technologies and the increasing amount of funding being poured into the sector.
The growth of AI startups and the increasing amount of funding available for these companies present lucrative opportunities for venture capital firms like Flying Fish. With the establishment of the new “Flying Fish Opportunity Fund I” and the ongoing fundraising for a third fund, the firm is clearly looking to capitalize on this trend and continue to support innovative AI startups. By investing in companies that are developing cutting-edge AI technologies, Flying Fish is positioning itself as a key player in the AI startup ecosystem and is poised to benefit from the continued growth and development of the sector.
As Flying Fish raises money for its new funds, it is clear that the firm is committed to supporting the growth of AI startups and helping them reach their full potential. The firm’s focus on both platform technologies and vertical applications allows it to invest in a wide range of AI startups with different business models and technologies. With its experienced team of managing partners and successful track record of fundraising and investing in startups, Flying Fish is well-positioned to take advantage of the opportunities presented by the growing interest in AI technologies and the increasing amount of funding available for AI startups.
