There’s a new venture capital firm in town. Glasswing Ventures, which was registered in December of 2015 and launched in March, has announced its VC fund dedicated to early-stage tech startups, with a specific emphasis on artificial intelligence and cybersecurity.
Rudina Seseri and Rick Grinnell, both former partners at Fairhaven Capital Partners in Cambridge for nine years, are the firm’s founders and principal partners. The promise of AI technology enticed them to create a separate entity dedicated to investing in early ventures focused on this emerging market. Their home base will be Boston, but they’ll be focused on startups all along the East Coast.
“We will have the advantage, with all the AI talent – not just in academic like from Carnegie Mellon, Harvard, MIT – but also with the number of startups and companies on the East Coast, private and public, that have AI at their core,” Seseri said. “So we’ll have the domain experience, the talent and the number of investment opportunities, which are tremendous here… I think this will be an indicator of how strong believers we are in what is happening in our ecosystem.”
During the Glasswing founder’s time at Fairhaven, Seseri was on the board of local companies Celtra, Jibo and Statisfy, while Grinnell was on the board of Pwine Express, Prelert and Resilient Systems.
“We’ve actually spun out from Fairhaven, and it’s a true spin out,” Seseri told us, explaining she and Grinnell will maintain their managing responsibilities with their portfolio companies at Fairhaven. “We’re leaving on very, very friendly terms with Fairhaven.”
Joining Glasswing as managing director is angel investor and advisor Sarah Fay. According to Seseri, Fay has worked with her and Grinnell for years, so it was a natural team. Fay comes from the world of digital media services, previously holding CEO titles at Aegis Media North America and Isobar. With the latter company, she led the acquisitions of Lot21, Vizium, Freestyle Interactive, Molecular, iProspect, Ammo and Bluestreak. She was also a limited partner at G20 Ventures in Boston.
The amount of funds raised by Glasswing Ventures has not been disclosed and Seseri did not wish to comment. However, Dan Primack wrote in the Term Sheet, “We’ve seen a pitchdeck that shows a $150 million target for Glasswing’s debut fund, with a 2.5% management fee and 20% carried interest. It also shows that the trio reports a combined 4.25x return multiple (6x realized, 1.8x unrealized), and a gross IRR of 90%.”
This article was updated.
Featured image via Jeff Gunn, CC BY-SA 2.o.