Italian AI startup iGenius is seeking to raise €650 million to fuel its growth, potentially bringing its post-money valuation to €1.7 billion. The startup, which specializes in open-source AI models tailored for financial services and other businesses, recently launched its Italian-trained foundational large language model (LLM) named “Italia.” This LLM is designed to understand the linguistic and cultural nuances of the Italian language, aiming to place Italy at the forefront of the AI revolution. CEO Uljan Sharka envisions this move as part of a broader “Digital Renaissance,” where AI technologies are developed with a human-centered approach. The funding push comes amidst a surge in investments in the generative AI sector, with European competitors like France’s H and Mistral AI also making significant strides. Globally, 2023 saw a fivefold increase in generative AI investments, reaching $21.8 billion, as companies and investors alike look to capitalize on the next major advancements in AI technology.
iGenius Eyes €650M Funding to Boost Italian-Language AI
iGenius is betting big on Italian-language AI to lead a new Digital Renaissance.
1–2 minutes
TOP STORIES
The ongoing debate on AI regulation highlights the balance between safety and innovation …
The recent breach involving rogue AI models reveals urgent security gaps in enterprise AI governance …
Sam Altman argues for a careful approach to AI development amidst security concerns …
Sensitive Claude chats were found publicly searchable on Google, revealing personal information …
Microsoft has launched MAI-Cyber-1-Flash and the Perception platform to enhance cybersecurity …
The breach of OpenAI’s model at Hugging Face highlights urgent concerns about AI safety and control …
