Luxury king Bernard Arnault, the founder and CEO of LVMH, has been making waves in the tech world with his recent investments in artificial intelligence (AI) companies. With a net worth of $184 billion, Arnault has been leveraging his tech-focused venture firm and family office, Aglaé Ventures, to make significant AI-related investments over the past year. Let’s delve into the details of Arnault’s AI investments and the impact they are having on the technology landscape.
Aglaé Ventures, Arnault’s venture firm and family office, has made a total of five AI-related investments in 2024, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform. While the exact amounts of these investments remain undisclosed, the funding rounds for the AI firms totaled over $300 million, showcasing the scale and scope of Aglaé’s investments in the AI space.
One of the notable investments made by Aglaé this year was in a firm called H, formerly known as Holistic AI, a French startup focused on developing full artificial general intelligence. The $220 million funding round in May, in which Aglaé participated, valued H at $370 million and included prominent investors such as venture firm Accel Partners LP and Wendy and Eric Schmidt, the former CEO of Google. This investment highlights Aglaé’s commitment to AI innovation and its strategic partnerships within the tech industry.
In addition to its investment in H, Aglaé also participated in funding rounds for other AI startups this year, such as Lamini, Proxima, Borderless AI, and Photoroom. These investments demonstrate Aglaé’s focus on diversifying its AI portfolio across various sectors, from enterprise AI applications to digital marketing and human resource management platforms. By investing in a range of AI companies, Aglaé is positioning itself as a key player in the rapidly evolving AI landscape.
Moreover, Aglaé’s AI investments are not limited to the recent past. The family office has been actively investing in AI companies since 2017, with a particular focus on Paris-based Meero, an AI-powered photo creation company. This long-term commitment to AI innovation underscores Aglaé’s dedication to supporting cutting-edge technology companies and driving forward the digital transformation in various industries.
While Aglaé has a strong focus on technology investments, its overall investment portfolio is diversified across various sectors. According to Fintrx data, Aglaé has made a total of 153 investments since 2017, with significant stakes in technology, consumer goods, business services, and financial services. Some of its other notable investments include Noom, a digital health platform, and World Music Media, a music creation app, highlighting the diverse range of industries in which Aglaé holds a stake.
It is interesting to note that despite the Arnault family’s significant ownership stake in LVMH, Aglaé has ventured into sectors beyond luxury goods. While LVMH’s expansion in luxury watches and art collections aligns with the family’s interests, Aglaé’s investments in digital art platforms and watch trading platforms demonstrate its broader investment strategy that goes beyond traditional luxury markets.
Bernard Arnault is not just a luxury magnate but also a tech enthusiast with a history of successful tech investments. In addition to his recent foray into AI companies, Arnault’s family office has been an early investor in tech giants like Netflix, Spotify, and Airbnb. His speech at the LVMH Innovation Awards in May highlighted the importance of the startup mentality in driving innovation and entrepreneurship, values that are central to Aglaé’s investment philosophy.
Arnault’s dedication to creativity, quality, and entrepreneurial spirit is evident in his investment approach, where he seeks out startups that embody these values. His track record of backing successful tech startups underscores his vision for the future of technology and innovation. As Arnault continues to lead the way in both the luxury and tech sectors, his investments in AI companies reflect his commitment to shaping the technological landscape of tomorrow.
Bernard Arnault’s AI investments through Aglaé Ventures are a testament to his forward-thinking approach to technology and innovation. By investing in cutting-edge AI startups and fostering a culture of creativity and entrepreneurship, Arnault is paving the way for a future where AI technology plays a central role in shaping industries across the globe. As Arnault’s tech investment legacy continues to evolve, we can expect to see further groundbreaking developments in the intersection of luxury, technology, and innovation.