Artificial Intelligence Startup iGenius Seeks Funding at €1.7 Billion Valuation
- Completing round would make it one of few European AI unicorns
- Flagship product is an open-source AI model used by businesses
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Artificial intelligence startup iGenius, which wants to compete with OpenAI and other generative AI companies, is seeking to raise €650 million ($698 million) at a post-money valuation of about €1.7 billion, Chief Executive Officer Uljan Sharka said on Monday.
Completing a funding round at a so-called unicorn valuation would catapult the Italian startup into the elite ranks of hot, well-capitalized AI companies emerging from Europe, including France’s Mistral AI and Germany’s DeepL. IGenius is banking on continued investor enthusiasm for plowing money into the sector, even as some industry veterans warn that further progress in foundational models will mostly come from incumbent players such as Meta Platforms Inc. and Alphabet Inc.