QBE backs AI Fund’s $190M venture studio raise

QBE Insurance  has joined the list of corporate limited partners backing AI Fund’s $190 million Fund II, a venture studio led by AI pioneer Andrew Ng focused on co-founding startups that apply AI to real-world problems.

The oversubscribed fund signals growing demand from global corporates—including The AES Corporation, HP, Mitsui, Mitsubishi, and TELUS—for early access to enterprise-ready AI solutions.

AI Fund  will support startups from idea to launch, offering technical and talent-building support in industries such as financial services, healthcare, logistics, and education.

AI Fund’s model frequently leverages partnerships with LPs like QBE to identify critical industry gaps and co-create ventures with built-in customer traction.

“With AI technology giving us increasingly better building blocks for developing software, plus the cost of prototyping plummeting because of AI assisted coding, we can create new startups faster and more efficiently than was ever possible before.” – Managing General Partner, Andrew Ng.