Artificial-intelligence startup iGenius is searching for 650 million euros ($699.8 million) to expand its AI offerings for finance and government sectors, aiming to compete with industry giant OpenAI. Founded in 2016, iGenius has secured backing from investors like Angel Capital Management and Eurizon Asset Management and boasts a valuation exceeding $1 billion, with operations in New York and Milan. This funding initiative comes amid a broader investor trend of channeling funds into promising AI startups capable of rivalling established players. Recently, Mistral AI was reported to be close to securing a deal that would value the French startup at $6 billion, further intensifying the competitive landscape. iGenius plans to use the capital to develop open-source large-language models tailored for regulated sectors, arguing that centralized and closed models are unsuitable for these industries. CEO Uljan Sharka emphasized that this financial boost is crucial for advancing AI in regulated fields.
iGenius Seeks $700M to Challenge OpenAI in Finance and Government Sectors
iGenius seeks significant funding to advance AI in finance and government sectors, challenging OpenAI.
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