Gianluca Dettori, Chairman, General Partner at Primo Ventures:

“The landscape of tech investing has undergone substantial transformation”

Ahead of this year's 0100 Conference Mediterranean, we had the opportunity to interview Gianluca Dettori, Chairman and General Partner at Primo Ventures, who will be moderating the panel titled “The Rise of AI-Related Investments: How Machine Learning and AI are shaping the VC landscape” with top speakers from EQT, Octopus Ventures, Reaction VC and Redstone.

Primo Ventures is an independent asset management firm specializing in early-stage venture capital within the digital and space sectors. Founded 12 years ago in Italy, the company currently manages assets totaling approximately 200 million. With a portfolio that includes over 50 investments and an annual analysis of over 1000 projects, Primo Ventures stands as a prominent player in technology investments within the Italian landscape.

What do you consider to be the most relevant fundraising challenges for tech investors?

At present, the combination of uncertainty, the complex landscape of current geopolitics, fluctuating interest rates and the persistent specter of inflation creates undeniable challenges to fundraising efforts. Additionally, the 'wait and see' approach prevalent today is closely tied to the fact that many LPs are actively engaged in restructuring their asset allocations to adapt to the current economic environment.

Since the year is entering its last quarter, do you consider the tech investing landscape to be recovered from last year´s tumultuous period?

The landscape of tech investing has undergone substantial transformation. While high-quality startups continue to attract capital, valuations have become more reasonable, and terms more favorable.  The coming years are going to be the most promising for the new economic cycle, offering a much more investor-friendly environment with interesting opportunities to be found.

Generative AI has shown potential for transformative business impact, do you consider it an innovation with long-term investment potential? 

Yes, certainly. I think it will fundamentally reshape how we interact with machines and the way software is developed. This emerging paradigm will impact profoundly various aspects of our lives, including how we learn, play and work.

How relevant is ESG criteria in the process of fundraising and investing in the current scenario? 

In today’s landscape, I believe nobody can raise a fund without a strong commitment to ESG compliance. The abundance of data and evidence underlines the imminent global relevance of the issue of climate change, necessitating a reconfiguration of society. This transformation demands substantial investments in the right direction, leveraging technology as a critical tool. Companies that will succeed will be the ones able to establish not only financially sustainable businesses but also ones that proactively impact society at large.