AI Startup Imbue Raises $12 Mn In Follow-on Funding

By VCWorld Bureau on October 21, 2023 • ( 0 )

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Artificial Intelligence (AI) startup Imbue said on Thursday that it has secured an additional USD 12 million in follow-on funding to its Series B round, bringing its total funds to over USD 210 million in cash.

Investors in the round extension are Amazon.com’s Alexa Fund and former Google CEO Eric Schmidt. In September, Imbue announced its Series B round of USD 200 million at a valuation of over USD 1 billion.

Imbue is part of a small group of companies with enough money to develop foundation models, AI systems trained on massive datasets that can perform a variety of tasks from writing to coding. The surge in generative AI is being driven by foundation model developers such as Microsoft-backed OpenAI, which launched the hit product ChatGPT late last year.

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