News/Fundraising
AI Startup EliseAI Reaches $1B Valuation After $75M Funding
EliseAI, a real estate technology firm founded in 2017, has achieved unicorn status following a $75 million Series D funding round, highlighting the growing importance of AI-powered solutions in property management and healthcare communication. The rise of EliseAI: EliseAI has rapidly emerged as a leader in the real estate technology sector, designing AI systems that revolutionize communication between property managers and tenants. Founded by Minna Song (CEO) and Tony Stoyanov (CTO), the company specializes in developing autonomous chatbots and voicebots for rental property management. EliseAI's AI assistant is now utilized by 70% of the top 50 rental housing operators and...
read Aug 12, 2024Meta Announces Llama 3.1 Impact Grants Program to Support Open Source AI
Meta's Llama 3.1 Impact Grants program aims to support innovative applications of open source AI, building on the success of last year's initiative to address global challenges in education, the environment, and open innovation. Expanding AI accessibility: Meta is committed to making AI benefits widely available through open source technology, seeking to extend opportunities to more communities worldwide. The company believes AI can significantly enhance human productivity, creativity, and quality of life while driving economic growth and advancements in various fields. By offering open source AI models, Meta aims to democratize access to cutting-edge technology for individuals and organizations globally....
read Aug 12, 2024Ragie Launches $500/Month RAG-as-a-Service Platform
Ragie emerges as a new player in the enterprise AI landscape, offering a RAG-as-a-Service platform to simplify the implementation of Retrieval Augmented Generation for businesses. The big picture: Ragie launches its eponymous RAG-as-a-Service platform, aiming to bridge the gap between corporate data and AI by providing a managed, easy-to-implement solution for enterprises. The startup announces a $5.5 million seed round led by Craft Ventures, Saga VC, Chapter One, and Valor. Ragie's platform is already in use as a core element of the Glue AI chat platform, which launched in May. The company offers a free plan for developers to experiment...
read Aug 8, 2024Anduril’s $1.5B Plan to Transform Defense Tech with Artificial Intelligence
Anduril, a defense tech startup, has secured a massive $1.5 billion in funding to develop an AI-powered manufacturing platform for autonomous weapons, signaling a significant shift in military technology and strategy. Funding and strategic vision: Anduril's latest funding round, led by Founders Fund and Sands Capital, underscores the growing interest in advanced defense technologies and autonomous systems. The $1.5 billion investment will be used to create Arsenal, a new AI-powered manufacturing platform designed to produce "tens of thousands of autonomous weapons" annually. Anduril plans to construct its first Arsenal factory, dubbed Arsenal-1, at an undisclosed location, with an estimated investment...
read Aug 7, 2024UK AI Strategy Shift Sparks Debate on Global Tech Competitiveness
The UK government's recent decisions regarding AI funding have sparked debate about the country's commitment to technological advancement and global competitiveness in the field of artificial intelligence. Funding announcement and policy shift: The UK government has unveiled a £32 million investment in nearly 100 cutting-edge AI projects across various sectors, while simultaneously scrapping £1.3 billion in previously promised funding for large-scale tech and AI initiatives. The £32 million will support 98 projects spanning diverse areas such as construction site safety and prescription delivery efficiency, benefiting over 200 businesses and research organizations. This new investment comes in stark contrast to the...
read Aug 7, 2024OpenAI Backs AI-Enabled Creative Tools With $60M Opal Investment
OpenAI's strategic investment: OpenAI, the artificial intelligence powerhouse, is leading a substantial $60 million funding round for Opal, a company previously known for its high-end webcams. The investment signals OpenAI's interest in expanding its influence beyond software and into the hardware domain, particularly in AI-enabled devices. Opal, while continuing its webcam business, is pivoting towards developing AI-enabled devices marketed as "creative tools." The funding round demonstrates OpenAI's confidence in Opal's potential to innovate at the intersection of hardware and AI technology. Opal's strategic pivot: The webcam company's shift towards AI-enabled creative tools represents a significant evolution in its business model...
read Aug 7, 2024AI Startup Aims to Transform $759 Billion Government Contracting Industry
AI startup Sweetspot has secured $2.2 million in seed funding to revolutionize the government contracting process, aiming to make the $759 billion industry more accessible through its AI-powered platform. The big picture: Sweetspot's innovative approach to government contracting combines a comprehensive search engine with user-friendly software, positioning itself as a "TurboTax for government contracts" in a traditionally complex and opaque industry. The startup offers a search engine covering federal, state, and local contracts, alongside software to assist companies in applying for and tracking progress in the federal procurement process. Sweetspot's service is available at two price points: $720 per year...
read Aug 6, 2024Riverlane Secures $75M to Boost Quantum Computer Reliability
Riverlane, a quantum computing startup, has secured $75 million in Series C funding to advance its quantum error correction (QEC) technology, aiming to significantly improve the reliability and capabilities of quantum computers. Quantum breakthrough funding: Riverlane's substantial Series C funding round signals growing investor confidence in the potential of quantum error correction to address a critical challenge in quantum computing. The $75 million investment was led by Planet First Partners, with participation from ETF Partners, EDBI, and existing investors. This funding will support Riverlane's ambitious QEC roadmap and enable the company to expand its operations to meet increasing demand for...
read Aug 6, 2024Perceptive Space Raises $2.8M to Transform Space Weather Forecasting
Perceptive Space, a Canadian aerospace startup, has secured $2.8 million in pre-seed funding to develop an AI-powered space weather prediction platform, aiming to provide more accurate and timely forecasts than existing government systems. Innovative approach to space weather forecasting: Perceptive Space leverages AI and sensor fusion technologies to analyze decades of space weather data, claiming to achieve predictions up to 10 times more accurate than current forecasts. The company's platform aims to mitigate the impacts of space weather on satellite operations, communications systems, and other critical space infrastructure. By utilizing advanced AI techniques, Perceptive Space seeks to address the limitations...
read Aug 5, 2024Groq Secures $640M to Supercharge AI Inference Capabilities
Groq, an AI infrastructure company, has secured a massive $640 million in Series D funding, propelling its valuation to $2.8 billion and positioning it as a major player in the rapidly evolving AI inference landscape. Funding details and investor backing: The substantial Series D round was spearheaded by BlackRock Private Equity Partners, with additional participation from other investors, demonstrating strong confidence in Groq's technology and market potential. The $640 million injection will be strategically utilized to scale Groq's operational capacity and accelerate the development of its next-generation Language Processing Unit (LPU). This significant financial backing places Groq in a strong...
read Aug 1, 2024Hedra AI Raises $10M to Empower Video Creators with Speed and Control
AI video creation tool Hedra launches with $10M in seed funding to enable faster, more expressive video generation for content creators, marketers, and businesses. Key Takeaways: Hedra's flagship offering, Character-1, stands out in the crowded generative AI video market by balancing speed and control, allowing users to create longer-form, character-centric videos more efficiently: Hedra has raised a relatively small $10M seed round compared to well-funded competitors like Runway ($237M), Pika ($80M), and Luma ($70M), but has already seen strong traction with over 350,000 users generating 1.6 million videos. Character-1 focuses on integrated workflow tools for automating the production of YouTube videos,...
read Jul 27, 2024Colin Kaepernick’s New AI Graphic Novel Startup Aims to Empower Creators
Colin Kaepernick, former NFL quarterback, has launched AI startup Lumi to empower creators by removing barriers and streamlining the process of completing, publishing, and selling books and comics. Lumi's AI-powered platform for creators: Lumi offers a suite of AI tools designed to complement users' existing talents and help them create and merchandise their work more efficiently: The company's initial focus is on comic books and graphic novels, as the various creative skills required to produce them make it an ideal market for Lumi's AI-assisted platform. Lumi aims to address the challenges creators face, such as high production costs, lengthy timelines,...
read Jul 27, 2024Chinese AI Startup Baichuan Raises $691M Amid Push to Boost Global Competitiveness
Baichuan, a Chinese AI startup backed by Alibaba and Tencent, has raised $691 million at a $2.8 billion valuation as China seeks to catch up on generative AI investment. Key takeaways from the funding round: The new funding highlights China's efforts to boost its global competitiveness in AI and shore up investment in the sector: The round included participation from major Chinese tech giants Alibaba, Tencent, and Xiaomi, as well as government entities from Beijing, Shanghai, and Shenzhen. This investment comes on the heels of China's launch of the AI Plus initiative in March, which aims to further develop the...
read Jul 24, 2024Berkeley SkyDeck Accelerator Opens Applications Globally, Adds Seasoned Track Chairs
The Berkeley SkyDeck accelerator is expanding its applicant pool, allowing founders from across the U.S. and internationally to apply, regardless of their UC Berkeley affiliation. Widening the pool for higher quality and greater opportunity: By opening applications to startups around the world, Berkeley SkyDeck aims to attract a wider range of high-quality applicants and provide access to those who might not otherwise have the opportunity to join a top-tier accelerator: The move recognizes that great ideas can come from anywhere, not just within the UC Berkeley ecosystem. Caroline Winnett, executive director of Berkeley SkyDeck, expects the change to result in...
read Jul 24, 2024Quantum Transistors Secures $19M to Make Quantum Computing Accessible and Scalable
Quantum Transistors, a Tel Aviv-based developer of advanced quantum processors, has secured a substantial $19 million investment from the European Innovation Council (EIC) to further its mission of making quantum computing more accessible and scalable. Landmark investment validates Quantum Transistors' vision: The EIC's investment, comprising a $2.7 million grant and a future equity investment of $16.3 million, is a strong endorsement of Quantum Transistors' innovative approach to quantum computing: Quantum Transistors aims to leverage the trillions invested in the semiconductor industry to build a scalable quantum technology, making it more accessible to everyone. CEO Shmuel Bachinsky likened the company's goal...
read Jul 24, 2024AI Compliance Startup Vanta Raises $150M, Valuation Soars to $2.45B Amid Tech Trust Concerns
Vanta, a startup revolutionizing security compliance through AI, has raised $150 million in Series C funding, propelling its valuation to $2.45 billion and marking a significant shift in the tech compliance landscape. AI-powered compliance reshaping security management: Vanta is at the forefront of using AI to automate and streamline security compliance, moving the industry from point-in-time checks to continuous, real-time monitoring: Vanta's AI-powered platform delivers the NIST AI risk management framework and ISO 42,001 certification, ensuring responsible use of customer data and addressing concerns about data privacy and security in the wake of advancements in large language models. The company's...
read Jul 23, 2024AI Startup Raises $16.5M to Streamline Software for Drones and Robots
A new Boston startup using AI for drones and robots: Code Metal, founded by artificial intelligence researchers from MIT Lincoln Laboratory, has raised $16.5 million to develop AI software for hardware like drones, sensors, and robots. Simplifying software development for diverse hardware: Code Metal is building a translation platform that allows developers to write software in common programming languages and quickly adapt it to run on various hardware chips: The startup aims to automate the translation process, potentially cutting out months or years of delay in getting software to work on specific hardware systems. Part of Code Metal's technology relies...
read Jul 22, 2024CytoReason Raises $80M to Accelerate AI-Powered Drug Discovery Platform
CytoReason, an Israeli AI drug discovery startup, has raised $80 million in a funding round backed by Nvidia, Pfizer, OurCrowd, and Thermo Fisher Scientific to accelerate the development of its AI-powered platform for disease modeling and drug discovery. Key details of CytoReason's funding and expansion plans: The startup plans to use the funds to invest in expanding the application of its computational disease models, grow its proprietary data, and open a new office in Cambridge, Massachusetts later this year. CytoReason's platform uses AI to extract insights from human disease data, helping pharma researchers make data-driven decisions and uncover potential therapeutic...
read Jul 22, 2024Cohere Secures $500M, Valuing AI Startup at $5.5B
Cohere, a Toronto-based enterprise AI startup, has raised $500 million in a Series D funding round, valuing the company at $5.5 billion amid growing skepticism surrounding the return on investment of generative AI tools for businesses. Significant investment despite industry concerns: The substantial funding round, led by PSP Investments and joined by new and returning investors, demonstrates continued investor enthusiasm in the enterprise AI sector: New investors include Cisco Systems, Fujitsu, AMD Ventures, Magnetar, and Export Development Canada, while returning investors consist of Oracle, Salesforce Ventures, and Nvidia. The investment comes on the heels of other notable fundraising efforts in...
read Jul 18, 2024AI Gaming Startup Artificial Agency Raises $16M for AI-Powered Behavior Engine
Artificial Agency, an AI startup focused on generative behavior for gaming, has emerged from stealth with $16 million in funding to accelerate the development of its AI-powered behavior engine. Key details of Artificial Agency's technology: The startup's flagship product is an AI-powered behavior engine that enables game developers to seamlessly integrate generative AI into various game mechanics, creating more immersive and engaging gaming experiences: The engine allows developers to add improvisation to scripted interactions, create full artificial players, and develop high-level gamekeeper systems that control pacing and steer players towards overlooked game elements. It goes beyond non-player character (NPC) conversations,...
read Jul 18, 2024Arrcus Secures $30M for AI-Driven Distributed Networking, Partners with Nvidia
Arrcus, a hyperscale networking software and infrastructure company, has raised $30 million from investors including Nvidia, Prosperity7 Ventures, Hitachi Ventures, General Catalyst, Liberty Global, Lightspeed, and Clear Ventures, bringing its total funding to $154 million. Addressing the need for efficient distributed networking: Arrcus aims to improve the efficiency of compute infrastructure by providing distributed networking solutions for data centers, edge computing, and multi-cloud environments: The company's Arrcus Connected Edge (ACE) platform features a flexible, high-performance, and scalable distributed microservices architecture that enables a wide range of use cases. ACE is deployable on various form factors, including data processing units (DPUs),...
read Jul 17, 2024Saudi Aramco Backs AiXplain’s Mission to Transform Generative AI into Action-Taking Agents
Saudi Aramco's venture arm makes first U.S. AI investment, backing startup AiXplain in a $6.5 million pre-Series A round to develop generative AI agents that can take action and ensure better representation of Arabic languages. Key details of the investment: Wa'ed Ventures, a venture unit of Saudi Arabian oil company Aramco, is investing in San Francisco-based AiXplain as part of a $6.5 million funding round: AiXplain, led by AI industry veteran Hassan Sawaf, plans to use the proceeds to expand its business operations. The startup has raised $16.5 million to date, has early customers, and was profitable last year. AiXplain's...
read Jul 17, 2024French AI Startup Mistral Launches Groundbreaking Open-Source Models for Coding and Math
Mistral, a well-funded French AI startup, has launched two new large language models (LLMs) based on the Mamba architecture, which aims to improve upon the efficiency of transformer-based models. Codestral Mamba for developers: Mistral's code-generating model, Codestral Mamba 7B, offers faster response times and longer input handling compared to other models: The model can handle inputs of up to 256,000 tokens, double that of OpenAI's GPT-4. In benchmarking tests, Codestral Mamba outperformed rival open-source models like CodeLlama 7B, CodeGemma-1.17B, and DeepSeek in HumanEval tests. Developers can modify and deploy the model from its GitHub repository and through HuggingFace, with an...
read Jul 16, 2024Huma Raises $80M To Accelerate Development of Digital Health Apps
Huma, a London-based health-tech company, has launched an AI-powered cloud platform that enables startups to quickly prototype, launch, and scale regulated digital health apps, including those enhanced with AI capabilities. Generative AI builder experience drives rapid app development: The Huma Cloud Platform offers a suite of tools, most notably a generative AI-powered builder that can transform text prompts into functional applications within minutes: Users can create custom digital health apps using a combination of widgets, modules, templates, and disease management tools through a simple drag-and-drop interface. If drag-and-drop functionality isn't sufficient, users can leverage the generative AI builder by inputting...
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