Since Steve Cohen quietly launched Point72 Ventures last year, he has invested a small fraction of his $13 billion fortune in 13 early-stage fintech startups. But it’s not VC returns the hedge fund billionaire is most interested in, according to three people who have worked with his VC partners.

Mr. Cohen made the investments to get a firsthand look at the future of trading, which is increasingly relying on machine learning and big data software analytics, they said. Point72 Ventures has so far put money into subscription-based software and AI companies whose applications can be used by traders and other finance professionals.