The venture capital arm of Paris-based global investment firm Cathay Capital has raised $1 billion for its third fund, nearly matching the same amount Cathay Innovation raised for its first two venture funds combined.
Cathay’s corporate partners, including BNP Paribas Cardif, TotalEnergies, Sanofi and other global institutional investors, are looking for early access to AI technologies with potential to reinvent industries like healthcare, financial services, energy and mobility.
“Regardless of macroeconomic uncertainties, the AI-driven transformation of industries will go on,” said Cathay’s Mingpo Cai. “Our mission is to support local champions and create ecosystem synergies that benefit all stakeholders while creating lasting economic and societal impact.”
Global portfolio
Cathay writes checks between $5 million and $100 million to lead or co-lead Series A, B and growth-stage financing grounds.
The new fund has backed 14 companies, including California-based Reebelo, which manages a digital marketplace for refurbished devices and other secondhand lifestyle products; and Entalpic, a Paris-based materials discovery company focused on net-zero and energy transitions.
Cathay sets up portfolio companies with corporate partnerships and co-investments. The French global pharmaceutical company Sanofi, for example, has partnered with several portfolio companies, including Owkin and AQEMIA, two French startups that are using AI to accelerate drug discovery and precision medicine.
