According to PANews, billionaire Steve Cohen's venture capital arm Point72 Ventures is shifting its investment focus to artificial intelligence and defense technology startups after firing five investors who focused on fintech and cryptocurrency. The move is part of the company's strategic adjustment to optimize resource allocation and seize the biggest market opportunities.
The departures include three fintech experts and two members of Point72 Venturesâ digital asset team. Partners Tripp Shriner and Sugam Sarin may also leave, but sources say they are likely to continue to support existing portfolio companies. Point72 previously announced Sarinâs promotion on May 1.
Since its establishment in 2016, Point72 Ventures has invested in more than 100 startups, covering fintech, artificial intelligence, consumer, enterprise and defense technologies. However, with the sharp drop in valuations in the fintech sector and the sharp decline in venture capital, Point72 Ventures is adjusting its investment strategy.
