Andrew Ng shared his plans for his newly created AI Fund — with investments including NEA, Sequoia, Greylock Partners, SoftBank Group, and others.

Andrew Ng:

I am excited to announce the formation of the AI Fund. We have raised $175 million, and will be sequentially initiating new businesses that use AI to improve human life.

In the early days of electricity, much of the innovation centered around slightly different improvements in lighting. While this was an important foundation, the really transformative applications, in which electric power spurred massive redesigns in multiple industries, took longer to be grasped. AI is the new electricity, and is at a similar inflection point.

Given Andrew Ng’s prominence and success in bringing AI to industry, and his partnership with some of the world’s premier technology investment firms, this announcement may well signal the next wave of capitalization for AI-oriented startups.