From big data to ChatGPT, Rackhouse Venture Capital partner Kevin Novak has seen many hype cycles
Before launching his own venture firm, Kevin Novak had basically no experience as a professional venture capital ist.
In an interview Wednesday with The Examiner, Novak talked about why he launched his own firm, why he didn’t invest in generative AI startups right after ChatGPT launched, and why San Francisco has become the hot destination again for founders. This interview has been edited for length and clarity. If I wanted to invest in fintech , enterprise, health care, I could do that. In fact, I got headhunted for several funds that wanted to do that. To me, I was really interested in all the opportunities that are in the superset of that. Yes, enterprise, fintech, health care, but, rideshare. We’ve got companies that do AI for fish farming. I was talking to a team the other day, which is using statistics to basically optimize the optimal sequence to replace the water mains in Flint, Michigan.
You founded Rackhouse before ChatGPT’s launch led to an explosion in generative AI. Did ChatGPT’s debut change the way you were looking at the AI sector? Yes and no. I’ve spent the last 20 years of my career living on a sine wave of data hype. When I was coming out of academia, it was big data, right? And then the tide went out. And then it was data scientist, sexiest job of the 21st century.
Engardio’s recall strategy: Get ahead of it Supervisor launches campaign urging District 4 residents not to sign recall petition The last year — basically when everybody was starting to get a little hung over on generative AI — that’s when we started to look for our specific opportunities, working with founders who we thought were seeing the game board a little bit more pragmatically, not really chasing the hype quite as much, really customer-obsessed.
One of the things I’ve been thinking about is generative AI, chatbot-like products are becoming increasingly mainline in a bunch of different business functions. I would love to see somebody offer hallucination insurance. Like a couple hundred grand goes out the door because the AI wigged out — that feels like something we should be able to insure.
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