In Brief
In January, Artificial Intelligence has become one of the hottest areas in tech
Seven AI-focused startups received over $80 million from VCs and tech giants.
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In the last few months, Artificial Intelligence has become one of the hottest areas in tech, with major tech giants implementing the technology into their platforms. Microsoft’s search engine Bing is now powered by OpenAI’s ChatGPT algorithm, while Google teases users with the upcoming AI-powered search engine dubbed “Bard.” However, the use cases of Artificial Intelligence do not stop here. It can be used in various fields, from skin diagnostic solutions to generative fashion design.
The industry develops, and tech entrepreneurs introduce more AI-powered startups that resolve diverse problems. The topic becomes more of users’ and investors’ interest, and companies start getting more financial support and traction. This year started with seven fundraising rounds aimed at AI-related startups.
OpenAI, the creator of the viral artificial intelligence chatbot Chat GPT, received an undisclosed amount ranging in billions from tech giant Microsoft. The companies announced the extension of their multi-year partnership, which includes deploying OpenAI’s technology through API and Azure OpenAI Service.
AI-powered voice company SoundHound closed $25 million in equity financing. The list of investors was not disclosed.
Coho AI raised $8.5 million in a seed round led by TechAviv, Eight Roads, and several angel investors. The startup uses Artificial Intelligence to enable software-as-a-service companies to increase revenue. Coho AI plans to use the funds to expand the team and invest in product and development.
Blaze, an AI-driven no-code app builder, raised $3.5 million in a pre-seed round led by Flybridge Capital and MaC Venture Capital.
AI-powered language translator DeepL raised an undisclosed amount at a $1 billion valuation, with IVP leading the round. The company reportedly aimed to raise $125 million. Among the other participants are Bessemer Venture Partners, WiL, and Atomico. The Cologne-based startup plans to use the funds to boost research and development, build new services, and expand to cover large businesses.
Inbenta received $40 million from Tritium Partners. The startup, which builds an AI-powered chatbot and messenger, will use the funds to expand its team and processes, along with research and development.
Taiwanese startup Profet AI raised $5.6 million in a Series A round led by Darwin Ventures. The other participants are Jensen Capital Management, Harbinger VC, and returning investors AUO, SVTI, and Hive Ventures. Founded in 2018, the company develops auto machine learning software aimed at manufacturers. Profet AI will use the funds to expand in Japan, China, ad Southeast Asia.
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