Business News Report
March 14, 2023

Adept Raises $350M in Series B to Build AI Assistant That Can Automate Software Processes

Adept Raises $350M in Series B to Build AI Assistant That Can Automate Software Processes

Adept, a Machine Learning research and product lab building general intelligence, has raised $350 million in a Series B round co-led by General Catalyst and Spark Capital. 

Additional participants include unnamed existing investors, new financial partners, and “some of the most iconic companies in tech,” including Nvidia, Atlassian, and Workday, who could benefit from Adept’s AI assistant, according to Forbes

The company was founded less than a year ago by David Luan (CEO), who had previously led Google’s large model program, and before that, had been head of engineering at OpenAI. Former Google Brain researchers Ashish Vaswani (Chief Scientist) and Niki Parmar (CTO) are also part of the founding team.

Adept is building an AI assistant that automates software processes. For instance, users can type a command in their own words and watch as the AI assistant does the rest, thus removing manual multi-step processes. The new funding will help the company launch its initial products, train its models, and expand its team.

“We believe that AI systems should be built with users at the center — our vision is one where machines work together with people in the driver’s seat: discovering new solutions, enabling more informed decisions, and giving us more time for the work we love,”

the company said in a statement.

This news comes after Adept’s $65 million Series A funding round in Apr 2022. Since the Series A round, Adept has introduced ACT-1, its first large model for actions. ACT-1 can execute complex user requests across a range of software tools and even coordinate across multiple tools when needed. 

Last September, Adept said that it had hooked ACT-1 to a Chrome extension to “observe what’s happening in the browser and take certain actions, like clicking, typing, and scrolling.”

Working as an overlay window on top of existing software, some of the capabilities of ACT-1 include importing LinkedIn URLs into recruiting software, looking up information online, formulating spreadsheets, and more. Users can simply type the commands into a text box in the overlay window for the AI model to take action.

A prototype of ACT-1 is available for desktop, with a mobile version coming in the future. A public release date has yet to be disclosed. 

Large amounts of capital are being poured into the artificial intelligence of late. According to the International Data Corporation (IDC) forecast, global spending on AI technologies is expected to reach $154 billion in 2023 as demand for AI-powered solutions increases.

In recent weeks, AI hardware and software starting Humane raised $100 million in a Series C round while Character, a startup developing AI chatbots that can mimic public figures, raised $200 million to $250 million in a round led by Andreessen Horowitz, valuing the platform at $1 billion.

Read more:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing.Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

More articles
Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing.Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

Hot Stories
Join Our Newsletter.
Latest News

Web3 Fundraising Report Q3 2023: A Overview of Evolving Trends and Strategies

In this report, we explore all the trends in the AI, crypto and web3 sectors and identify ...

Know More

Virtual Reality Superior Than Video Conferencing for Remote Work Collaboration: PWC Report

In today’s modern era of remote work, the traditional landscape of digital meetings and workshops is undergoing ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Circle Denies Illicit Financing Allegations, Affirms Commitment to Regulatory Compliance
Business Markets News Report
Circle Denies Illicit Financing Allegations, Affirms Commitment to Regulatory Compliance
December 1, 2023
Chainlink (LINK) Announces Stacking Mechanism v0.2 Upgrade to Improve Network Functionality
Markets News Report
Chainlink (LINK) Announces Stacking Mechanism v0.2 Upgrade to Improve Network Functionality
November 30, 2023
Seraph Studio Launches ARPG Web3 Game ‘SERAPH: In The Darkness’ on Arbitrum One
Business News Report
Seraph Studio Launches ARPG Web3 Game ‘SERAPH: In The Darkness’ on Arbitrum One
November 30, 2023
NASA and IBM Partner to Develop Geospatial AI for Weather Prediction
News Report Technology
NASA and IBM Partner to Develop Geospatial AI for Weather Prediction
November 30, 2023
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.