The startup incubator at Seattle’s Allen Institute for Artificial Intelligence is getting so busy that it has to move into new digs across the street.
Starting Aug. 12, the incubator will occupy a 7,250-square-foot “long-term home” at 2101 N. 34th St., near Gasworks Park and AI2’s main offices on Northlake Way, the institute said in its email newsletter for friends and families.
“We anticipate having 50+ workstations for our EIRs and CTOs [entrepreneurs in residence and chief technology officers] — complemented by numerous team pods, phone booths, conference rooms, a classroom, a lounge and our own large outdoor deck overlooking Lake Union,” AI2 said.
Jacob Colker, a managing director for AI2’s incubator, told GeekWire in a follow-up email that the new space will be nearly four times bigger than the current 1,850-square-foot office space (above a dive shop that’s next door to AI2’s headquarters).
Colker said the number of folks working at the incubator is “constantly fluctuating” as entrepreneurs and startup techies come into the program, and then raise money for their startups and graduate out. “We don’t have cohorts. It is rolling admissions,” he explained.
AI2 plans to have 20 to 25 incubatees actively building new AI-first startups at any given time, Colker said.
“We also plan to have some of our recent graduates stick around for a while to add to the community (another ~15 people). Coupled with our core incubator team and support staff, and a select group of outside mentors, brings the grand total to about 50 people,” he said in his email.
Activity at the incubator has been heating up: AI2 estimates that its startups have collectively raised $29 million in funding so far, are valued at an aggregate of $115.5 million, and employ more than 100 people.
The most recent success story is Lexion, an AI-enabled contract management venture. Last week Lexion announced that it has raised $4.2 million in a seed round led by Seattle’s Madrona Venture Group with participation from Wilson Sonsini, Goodrich and Rosati.
Other incubator graduates include Xnor, WellSaid, Kitt.ai (acquired by Baidu), and Blue Canoe (which recently won $500,000 at the Qualcomm Ventures Female Founders Summit).