00:00That's kind of interesting, like Lior Susan of Eclipse was just talking about that.
00:03They look at those different domains, how they'll be impacted by AI.
00:07I guess for you, a little more focused on software and how that might be impacted by AI in a
00:12positive way.
00:13I think software is one area, but we focus on so many different areas, too.
00:16We have a company called Formation Bio.
00:19That's a drug discovery and development company, and they focus on development.
00:23It's the only company we know of that's using AI to predict clinical trial results.
00:27They pick drugs out, they buy drugs, and they figured out using AI that a knee drug that will regrow
00:32cartilage in your knee to prevent knee replacements will make it through clinical trial.
00:36And so they're taking it through right now.
00:38It literally does regrow cartilage in your knees, and it's going to prevent knee replacements.
00:42And think about this.
00:42Friends that are skiers, friends that are runners can get rid of having that pesky knee problem when the cartilage
00:47goes.
00:47And AI found this drug, and they're helping it predict through clinical trials.
00:50So that's what we invest in, things like that.
00:52Wesley, do you mind to reflect a little bit on Canva?
00:54You know, when we've spoken to various members of the leadership team, they're adding products, right?
01:01The offering is widening, and it's through AI.
01:04I think that's a pretty fair summary of how they'd put it.
01:07But they are growing and getting later stage and later stage, just track the journey.
01:12Yeah, I invested in Canva 13 years ago and led their Series A.
01:15And most people think that Canva is a design company.
01:18And the amazing thing is Canva is an AI company today.
01:20It is, I just saw a report, Mel told me this, that Canva is the third most accessed way people
01:25access AI.
01:26And if you think about it, every person under 35 is using Canva today, and that's how they interact with
01:30AI.
01:31ChatGPT is number one, Google's number two, Canva's number three.
01:34And I just used it the other day to go create a presentation.
01:36I said, I want to go make this presentation for one of my companies.
01:39I want to tell the story about how they're changing the world of accounting.
01:42And I used Canva to sort of think through that presentation and use the AI tools to create that presentation.
01:47It's incredible, right?
01:48So Canva has distribution, and that's sort of the biggest place where people are accessing AI today.
01:52Well, what about distributing to a wider, democratized set of investors, Wesley?
01:56You've backed it from early days, but everyone wonders when IPOs are really going to get going.
02:01Oh, that's up to Mel.
02:03We all want her to IPO, and we all want her to do very, very well.
02:06But when Mel decides that that's the right time, we will all cheer her on and support her and help
02:10her ring the bell.
02:11And so when we're thinking about those liquidity moments, you're then thinking about how you allocate recently raised funds into
02:17the next generation of Canva's.
02:19You're looking at how you're growing future needs, but where are your limits?
02:24Where is it that you catch attention right now?
02:27Because it feels as though AI is disrupting every single industry group at a rate that we just cannot really
02:31comprehend.
02:32Yeah, it's incredible how it's affecting everything.
02:35We just did a company called Strand Therapeutics that uses AI to predict how to create cancer drugs using mRNA
02:41and to help cure versions of cancer that used to kill people.
02:46It's incredible, right?
02:46And so companies like that, we have another company, Invada, that's found multiple drugs.
02:50Their next drug that they're developing, and they use AI to figure out how to find drugs out of natural
02:57ingredients.
02:57Wesley, can I jump in?
02:58Yeah, yeah.
02:59There's a lot of biotech here.
03:01There's a lot of medical application.
03:03Why are you the right person to seek out which of these startups in the medical area is the right
03:09one?
03:09I mean, your background is unique, and it's very much deeply intertwined with Google and with what we think of
03:14as software.
03:15Yeah.
03:16You know, I was one of the founding partners of Google Ventures, and one of the great things is that
03:20Google has put billions of dollars into health care companies and medical companies and life science companies.
03:24And I got to help start that team, so I've been doing it for 16 years, and then we can
03:28find these great companies like Invada or Strand.
03:30It's such a non-obvious use of AI, right?
03:32Everybody's talking about AI for presentations or AI for legal or AI for whatever else, and we're thinking about it,
03:38going, how do we cure life-threatening diseases using AI?
03:40And that's a very non-obvious contrarian insight.
03:42These companies, where geographically are they concentrated?
03:46They're everywhere in the world.
03:47That's the beauty.
03:48You know, Invada is in Boulder, Colorado.
03:50Strand is in Boston.
03:51Formation is in New York.
03:52So we don't care where the company is as long as we're working on something that changes the world significantly.
03:57What about globally, Wesley?
03:59How are we faring U.S. ecosystem versus everywhere else?
04:03You know, a lot of people talk about China, but, you know, all the companies that we're working with are
04:07using U.S. models and using, you know, the models behind that we're developing here.
04:12So I think the U.S. still has a fantastic lead, and, you know, we're heavily invested here in the
04:16U.S.
04:17We have a few global companies.
04:18Canva is obviously in Australia, but, you know, they're also using some of the models developed in the U.S.
04:23They're using their own model that they're building in Australia as well with a team they bought called Leonardo da
04:27A.I.
04:28And, you know, I think you see this talent everywhere in the world.
04:31Just if we could, just ending a little bit on Human X, you know, your reflection of the first 24
04:36hours.
04:37You know, it was very interesting to be there last night.
04:39I was on stage with Dr. Fei-Fei Li, people very engaged with what she had to say about world
04:45models as opposed to language models.
04:47What do you want to get out of this?
04:49I think that there's such an exposure to so many people's ideas.
04:53Like, no one sat there and thought that on the mobile phone, and we go back to the mobile phone
04:5610 years ago when I started investing, right?
04:58No one sat there and said, like, oh, we can use the mobile phone to book a car.
05:01And if you think about what A.I. will be 10 years from now, you don't know what the heck
05:04it's going to do, right?
05:05It might cure cancer.
05:06It might go do something.
05:07The imagination is wonderful, and Human X is bringing all those people together to figure out where we can use
05:12A.I. for things that we never imagined 10 years ago.
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