Adept secures $350M in new funding for AI startup
- ByStartupStory | March 16, 2023
Adept, an AI startup, announced that it had secured $350 million in a Series B funding round led by Spark Capital and General Catalyst. The company is currently focusing on developing enterprise applications, amid the growing interest in the field triggered by OpenAI’s ChatGPT.
Less than a year after securing $65 million in April 2022, Adept has raised an additional $350 million in funding, indicating significant investor interest in AI startups, despite a slow venture market.
Although Adept did not reveal its valuation, insiders stated that the company is now a “unicorn” startup, meaning that it is valued at more than $1 billion.
The newly acquired funds will be utilised by Adept to launch its first set of products, hire additional AI experts, and conduct model training.
With Microsoft-supported ChatGPT taking the internet by storm for its capacity to create human-like responses, companies such as Alphabet and Baidu are quickly incorporating generative AI into their offerings.
Former Google researchers established Adept with the objective of training a neural network to perform common tasks for enterprise customers. The company has been collaborating with various businesses to utilise their data to create a natural language interface, enabling them to access existing software, such as Adobe Photoshop and Airtable.
Although Adept has undergone some management changes, including the departure of co-founders Niki Parmar and Ashish Vaswani, the startup has still managed to secure significant funding due to the high level of investor interest in the company.
According to Deep Nishar, Managing Director at General Catalyst and leader of the firm’s investment in Adept, “the startup’s language models are designed to generate “actions” rather than just text. This approach allows an enterprise’s knowledge workers to operate with greater efficiency and effectiveness, as the automation of actions simplifies their workflow.”
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