On Wednesday, Seattle-based startup studio Madrona Venture Labs announced it raised $11 million in funding to help build between 8 and 12 startups. Madrona Venture Labs is a startup studio backed by Madrona Venture Group and specializes in artificial intelligence and machine learning technology. Mike Fridgen, Managing Director at Madrona Venture Labs, told Business Insider that Seattle is full of top technical talent from Amazon and Microsoft that he hopes to recruit to the startup studio as founders and mentors.