Luxury king Bernard Arnault, the founder and CEO of LVMH and the world’s fourth-richest person with a net worth of $184 billion, is making waves in the tech world with his recent investments in artificial intelligence. Through his tech-focused venture firm and family office, Aglaé Ventures, Arnault has made significant AI-related investments in 2024. Five AI-related investments were made this year by Aglaé, totaling more than $300 million in funding rounds for the startups.
One of the notable investments made by Aglaé was in a French startup called H, formerly known as Holistic AI, which raised $220 million in a funding round. This startup is working towards full artificial general intelligence and includes investors like venture firm Accel Partners LP and Wendy and Eric Schmidt. In addition to H, Aglaé also invested in Lamini, Proxima, Borderless AI, and Photoroom, showcasing a diverse portfolio in the AI space.
While many of Aglaé’s AI investments are recent, the venture firm also invested in Paris-based Meero between 2017 and 2019, a company focused on AI-powered photo creation. Beyond AI, Aglaé has made a total of 153 investments since 2017, with a focus on technology, consumer goods, business services, and financial services. This diversification highlights the strategic approach taken by Arnault and his team in growing their investment portfolio.
Bernard Arnault’s interest in technology is not new, with a history of successful investments in tech startups. His family office was an early investor in companies like Netflix in 1999, Spotify in 2014, and Airbnb in 2015. Arnault’s dedication to innovation and entrepreneurship is evident in his track record of spotting successful tech startups early on and backing them for long-term growth.
In a speech at the LVMH Innovation Awards, Arnault emphasized the importance of the startup mentality aligning with their values of creativity, quality, and an entrepreneurial spirit. He shared that investing in startups in the 1990s was a learning experience, with some successes and failures along the way. Arnault’s vision for the future includes continued investments in technology and innovation, staying true to the core values that have defined his success in the luxury industry.
Bernard Arnault’s foray into AI investments through Aglaé Ventures showcases his commitment to diversification and innovation. With a strategic approach to investing in technology startups, Arnault is positioning himself and his family office for long-term growth and success in the rapidly evolving tech landscape. As a pioneer in both the luxury and tech sectors, Arnault’s investments reflect his vision for the future and his dedication to staying ahead of the curve in the ever-changing world of business and innovation.