Italian startup iGenius is on the cusp of joining the elite ranks of well-capitalized AI companies, seeking to raise €650 million at a post-money valuation of €1.7 billion. This would catapult the Milan-based company into the same league as Mistral AI and DeepL, solidifying Europe’s presence in the AI landscape. iGenius’s flagship product, “Italia,” is an open-source foundational large language model designed for financial services and other industries. With backing from prominent investors, including Angel Capital Management and Eurizon Asset Management, iGenius aims to reach €20 million in annual recurring revenue by the end of 2024. As the AI sector continues to attract investor enthusiasm, iGenius is poised to become a major player, despite warnings from industry veterans that progress may slow. This development is significant, as it highlights Europe’s growing presence in the AI sector, and iGenius’s commitment to creating innovative solutions for various industries.
AI Unicorn in the Making
Milan-based iGenius has launched a product known as “Italia,” an open-source foundational large language model designed to be used by organizations in the financial services industry, among others.
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