Startup iGenius, which operates in the artificial intelligence industry and seeks to compete with OpenAI and other companies developing the mentioned advanced technology, seeks to raise investments worth 650 million euros ($698 million) at a post-money valuation of about 1.7 billion euros.
The statement of the corresponding content on Monday, June 10, was made by the chief executive officer of the specified company, Uljan Sharka.
The completion of the round of financing at the so-called unicorn valuation would allow iGenius, based in Italy, to enter the elite list of promising, well-capitalized European firms specializing in artificial intelligence. Currently, in Europe, the most prominent players in the corresponding industry are the French Mistral AI and the German DeepL.
The Italian company is betting on investor enthusiasm for the artificial intelligence area. AI is an advanced technology at the stage of intensive development, which has already demonstrated impressive cognitive abilities and has significant potential for further evolvement. It is worth noting that recently, some veterans of the artificial intelligence industry have increasingly warned that progress in foundational AI models will be provided mainly by such major players as Meta Platforms and Alphabet.
The Italian company has already launched its first product called Italia. Uljan Sharka describes the mentioned brainchild of the firm as an open-source foundational large language model designed for use in the sphere of financial services.
It is known that iGenius has secured backing at a pre-money valuation of 1.05 billion euros from investors including Angel Capital Management and Eurizon Asset Management, a unit of Italian bank Intesa Sanpaolo SpA. Uljian Sharka also stated that negotiations are currently underway with other potential investors.
It is also known that iGenius cooperates with companies such as Allianz SE, Aon Plc, Enel SpA, and Intesa Sanpaolo. By the end of 2024, the company aims to reach an annual recurring revenue of 20 million euros.
As we have reported earlier, Mistral AI Takes Aim at US Market.
