Evernote's cofounder has a new AI studio called 'All Turtles'

Phil Libin, the cofounder and former CEO of note-taking app Evernote, has launched a new venture capital (VC) fund called All Turtles in San Francisco, The Financial Times reports. The All Turtles "studio" will reportedly be used to back entrepreneurs developing products that are underpinned by artificial intelligence. The money will come from General Catalyst, Digital Garage, and a number of prominent investors from France, Japan and the US. Instead of backing companies like normal VCs, Libin reportedly wants to back "products" as he believes entrepreneurs shouldn't have to start a new company each time they want to try a new idea. Referring to Silicon Valley VC land, he said: "You're not allowed to work on something unless it could be a $10 billion company. Obviously there are a lot of products that could be worth a couple of hundred million."