iGenius: An Italian AI Startup Seeking $698 Million in Fundraising

iGenius: An Italian AI Startup Seeking $698 Million in Fundraising

According to the report, the startup provides an open-source AI model that is utilized by financial services firms and other enterprises.

According to the report, it wants to take on OpenAI and other generative AI companies.

This study was released four days after iGenius unveiled their open-source foundational large language model (LLM), known as “Italia.” The company claimed that the LLM was trained solely in Italian, with decades of national and international history under its belt, and that it could comprehend linguistic and cultural nuances.

In a press release issued on Thursday, June 6, Sharka stated, “We believe that Italia represents the first step towards a new Digital Renaissance, where AI solutions are designed with people, not technology, at the center.” “Investing in new models that are representative of other languages and cultures is our current goal.”

A French AI business called “H,” which was once known as Holistic AI, recently secured $220 million to further its mission of creating artificial general intelligence. This is just one recent breakthrough in this field.

An AI level that is comparable to or greater than human intelligence is known as artificial general intelligence.

H’s fundraising round included participation from Samsung and Amazon.

French AI firm Mistral AI raised $415 million in a fundraising round in December 2023, valuing the startup at $2 billion. At the time, it had only been in business for seven months.

By focusing on open-source software for chatbots and generative AI tools and utilizing the experience of its founders, researchers from Google and Meta, in developing LLMs comparable to those developed by Open AI, Mistral AI rapidly rose to prominence in the European AI startup scene.

In 2023, investors reportedly invested $21.8 billion in generative AI startups, five times more than they did in 2022, with the goal of finding the next ChatGPT.

According to a PYMNTS Intelligence poll, all chief financial officers (CFOs) stated that generative AI is now being used by their companies. However, as stated in “The Impact of Implementing GenAI — and How to Maximize ROI,” these businesses use the technology in very different ways.