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Artificial Intelligence Startups Raise Over $600 Million in a Week: Top 5 Picks

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TL;DR Breakdown:

  • AI startups bagged a whopping $600 million last week, with Lightmatter leading the pack, grabbing $155 million for AI hardware. GreyOrange scored $135 million for its automation prowess, while Harvey landed $80 million to boost legal AI.

  • Media intelligence player Meltwater saw a strategic $65 million investment, pushing its value to $592 million. Unnatural Products, a biotech firm, secured $32 million for precision-targeted therapeutics in its Series A funding round.

  • The funding frenzy signifies the robust AI landscape, with companies eyeing global expansion, cutting-edge technologies, and diversified focus beyond traditional realms. The future promises exciting developments in the AI sector.

In a remarkable surge of funding, artificial intelligence startups have collectively secured a staggering $600 million, underscoring the industry’s fervent drive for innovation and investment. Here, we spotlight the top five AI startups that navigated the competitive landscape with finesse, attracting substantial financial backing.

Lightmatter secures $155 million in series C-2 funding

Boston-based Lightmatter, specializing in silicon photonics computing hardware for generative AI and high-performance computing, has raised an additional $155 million in a series C-2 funding round. Google Ventures and Viking Global Investors spearheaded this funding effort, propelling Lightmatter’s total fundraising to an impressive $420 million.

Focused on expansion, Lightmatter is in the midst of an extensive hiring initiative. Notably, the company plans to establish a new office in Toronto in the coming year, complementing its existing locations in Boston and Mountain View, California.

Artificial Intelligence startups firm GreyOrange raises $135 million for AI-driven automation

GreyOrange, another one of the U.S.-based artificial intelligence startups for retail and e-commerce fulfillment centers, successfully secured $135 million in its Series D funding round. Anthelion Capital (formerly Cowen Sustainable Investments) led the funding effort.

The infusion of capital aims to fuel GreyOrange’s global expansion and enhance the adoption of its advanced fulfillment orchestration platform. With a commitment to deploying cutting-edge robotic and sensing technologies, GreyOrange solidifies its position at the forefront of innovative solutions in the automation landscape.

Harvey gains $80 million in series B funding for legal AI

Generative AI startup Harvey, specializing in the legal realm, announced an $80 million Series B funding round. The joint effort was led by Elad Gil and Kleiner Perkins, with significant participation from OpenAI’s startup fund and Sequoia.

In partnership with OpenAI, Harvey has pioneered domain-specific foundation models tailored to address the intricate needs of its clientele. The Series B funding will play a crucial role in Harvey’s ambitious plans to expand custom model development, scale its team, and enhance its suite of product features.

Meltwater’s strategic move: $65 million investment

Meltwater, renowned for its expertise in media monitoring and business intelligence through AI and big data analytics, is undergoing a transformative shift. Verdane, a Norwegian private equity firm, is acquiring an 11% stake in Meltwater, elevating the company’s valuation to a substantial $592 million, with the stake valued at approximately $65 million.

This strategic investment positions Meltwater to strengthen its foothold in the AI and big data analytics landscape within the dynamic field of media intelligence. The evolution from traditional media monitoring to AI-powered analytics underscores Meltwater’s adaptability in the digital era.

Unnatural Products secures $32 million for biotech advancements

Santa Cruz-based Unnatural Products, a cutting-edge biotech firm at the intersection of AI and chemistry for precision-targeted therapeutics, has successfully secured $32 million in its Series A funding round.

With a strategic vision in mind, Unnatural Products plans to leverage these funds to propel the evolution of its technology platform. Furthermore, the company aims to diversify its focus, extending beyond the realm of oncology and exploring new opportunities within the ever-expanding landscape of biotechnology.

AI innovation continues to thrive

The notable funding achievements of these artificial intelligence startups underscore the dynamic landscape of innovation and investment within the artificial intelligence sector. With substantial financial backing, these companies are poised to make significant strides in their respective fields, further contributing to the evolution of AI technologies and applications. As the industry continues to attract investments, the future promises exciting developments and advancements in the realm of artificial intelligence.

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