Business News Report
January 19, 2024

Recraft Raises $12 Million Funding to Create its Own Generative AI Foundational Model

Recraft Raises $12 Million Funding to Create its Own Generative AI Foundational Model

UK-based AI graphic design generator Recraft today announced that it raised $12 million funding and will use the funds to expand operations and development efforts, as well as its business reach.

The Series A funding round was led by Khosla Ventures and former GitHub CEO Nat Friedman, with participation from RTP Global, Abstract VC, Basis Set Ventures, Elad Gil, Zhenya Loginov, Dharmesh Shah, and Akshay Kothari.

According to the announcement, the newfound capital injection will be dedicated to Research and Development (R&D), including the goal of creating Recraft’s own generative AI foundation model.

This move aims to reduce the company’s reliance on open-source platforms like Stable Diffusion.

“I truly believe that AI has the ability to reshape design and influence the way that we look at the world,” said Anna Veronika Dorogush, founder and CEO of Recraft.

“Recraft was created to meet the requirements of professional design, generating consistent style images and high-quality vector illustrations suitable for everything from advertising and digital marketing assets to iconography.”

What Makes Recraft Unique

Founded in September 2022 by Anna Veronika Dorogush, the platform was introduced on Product Hunt last year in May and offers a natural language user interface. This makes it user-friendly for both professional designers and marketers.

“We are seeing rapid and significant transformation of the design space driven by generative AI,” said Nikita Shamgunov, partner at Khosla Ventures.

“But to date, many of the generative AI design solutions have been targeting consumers, rather than professionals that require high degrees of control. Recraft delivers on professional workflows such as vector images, style controls and end-to-end content production, all powered by in-house built foundation models.”

The startup specializes in creating graphic designs for professional applications, offering both raster and infinitely scalable vector images. With Recraft’s platform, users can easily generate and edit vector art, icons, 3D images, and illustrations while adhering to a brand’s specific style controls, including the color palette, icon geometry, and line style.

This unique capability helps designers craft branded assets without being limited to textual prompts alone. Since its launch just eight months ago, Recraft has had over 300,000 individuals as its user base.

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

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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