Artificial Intelligence Can Be a Catalyst For Global Growth

Q: As a renowned venture capital firm in Mexico, what motivated ALLVP to become Hi Ventures?

A: The transition from ALLVP to Hi Ventures stemmed from two primary causes. First, our firm's philosophy was influenced by the background of co-Founder and managing partner Jimena Pardo as a founder and pioneer of a Mexican technology company. Her work also imbued us with a strong commitment to being founder-friendly and founder-focused. Second, we increasingly honed our focus on technology companies over the years. This gradual refinement led us to prioritize technology and AI ventures more prominently in our investment portfolio.

Hi Ventures symbolizes this evolution, signifying our commitment to a founder-centric approach and our deepening engagement with technology-focused initiatives.

Q: What has changed regarding Hi Venture’s focus within the market?

A: Hi Ventures' AI-dedicated fund has ushered in a focus on key megatrends. One of these centers around the evolving dynamics of how humans live and work. As technology assumes a more significant role in our daily lives, there has been a notable shift toward digital tools and platforms. Our work and personal lives are increasingly becoming intertwined with the digital realm, prompting the emergence of innovative solutions tailored to this new lifestyle.

Our emphasis will be on technology companies that are looking to innovate with AI as a primary tool. We forecast that startups will innovate in various domains related to technology, particularly with autonomous agents. These agents present a large opportunity to enhance consumer experiences that, for example, facilitate tasks such as product discovery and travel arrangements.

Q: How has Hi Ventures adapted its portfolio to focus on AI?

A: Our portfolio includes companies actively engaging in developing autonomous agents. Fintual, for example, crafted a co-pilot feature aimed at assisting users with investment decisions. Similarly, WonderBrands works in the e-commerce sector to pioneer a merchant infrastructure designed to facilitate sales on platforms like Amazon and Mercado Libre. WonderBrands is exploring the integration of autonomous storefronts into its operations. These developments underscore the potential of these trends and signal a transformative shift in commerce, offering abundant opportunities for startup innovation.

Q: What are the main risks that you see in AI entrepreneur ecosystems and how will you address them?

A: The primary risk entrepreneurs face is losing confidence in their company, as many start with ambitious visions of creating unicorns and multibillion-dollar enterprises but are not able to understand what it takes to achieve and maintain those growth rates. The ecosystem has undergone a remarkable evolution — from its beginnings as a small and relatively unnoticed landscape, to one that now garners attention and investment from top-tier venture capitalists. Over the span of just five years, total venture capital deployment in AI has significantly increased, instilling a newfound sense of confidence within the community.

To support entrepreneurs navigating the AI sector, we are committed to fostering a resilient and supportive ecosystem through strategic investments, mentorship programs, and access to resources. We aim to empower entrepreneurs to realize their visions in an ambitious but realistic way, while navigating the challenges inherent in AI entrepreneurship. We aim to build a robust foundation that enables entrepreneurs to thrive and innovate within this dynamic sector.

Q: What do you look for in the founders of the companies you invest in?

A: We prioritize backing founders who possess grand visions, ambition, adaptability, and the will to aim for large goals. It is crucial for our portfolio companies to believe in their potential to build multibillion-dollar enterprises, even if it means changing their strategies or undergoing periods of slow growth to refine their economic models. Ultimately, the vision must center on creating significant impact and solving regional challenges on a large scale.

We find founders to be remarkably curious and adaptable, particularly in embracing AI technologies. Many of our portfolio companies have integrated AI into their value propositions or have positioned AI at the forefront of their tech and product roadmaps. This shift reflects a more pragmatic approach, emphasizing business fundamentals while leveraging AI to enhance competitiveness and innovation.

Q: What are Hi Ventures’ goals for 2024?

A: Our overarching vision is to facilitate the resolution of large-scale problems in Latin America through technology-driven entrepreneurship. Central to this mission is the identification and support of individuals who embody exceptional qualities: ambition, adaptability, and a deep commitment to problem-solving. We are deeply invested in not only discovering these remarkable individuals but also in forging partnerships with them, facilitating their growth, and advancing their missions.

Looking ahead, we aspire to catalyze the creation of startups in Latin America at a rate 10 times higher than the current rate. We envision a future where entrepreneurship, particularly in the realm of AI, flourishes and contributes to the region's growth and development.

Hi Ventures, formerly ALLVP, is a venture capital fund focused on Latin American entrepreneurship in the fintech, future of commerce, human capital, and smart cities sectors with a focus on AI.