Why AI Founders Are Starting Their Own Venture Funds

It hasn’t been this hard for first-time fund managers to raise capital in about a decade. But one group of newbie venture capitalists is having more luck: founders and other alumni of artificial intelligence startups.

One example is Jeff Arnold, co-founder and chief operating officer of artificial intelligence accounting company Pilot and former head of operations at OpenAI for a brief period in its early days. He and Paul Jun, Pilot’s chief financial officer, recently left the company to start their own venture firm, Depth Capital Ventures, according to three people with direct knowledge of the firm’s fundraising activities and fundraising documents seen by The Information.