Ideogram, a startup that specializes in developing artificial intelligence technology that generates images, has announced its intention to raise $80 million in investment funds.
The mentioned company is based in Toronto. The startup is launching a Series A funding round. Mohammad Norouzi, Chief Executive Officer and co-founder of Ideogram said this during a conversation with media representatives. The funding round will be led by Andreessen Horowitz, and Index Ventures, Redpoint Ventures, Pear VC, and SV Angel are also participating. The startup has so far refrained from evaluating.
Ideogram was launched last August under the leadership of several former Google employees who participated in the creation of the first version of the technology giant’s image generation software. The initial goal of the startup was to solve the problem with generative artificial intelligence. The company provides users with the ability to create images with text that can be read. For example, AI can generate visual content in the form of an image of a protester holding a poster with certain slogans.
In September, the startup’s software was publicly presented. It is worth noting that popular artificial intelligence image generators such as Midjourney, DALL-E 2 from OpenAI, and Stability AI from Stable Diffusion created images devoid of meaning in response to a user’s request for pictures with words.
It is worth noting that the accuracy of virtual intelligence is gradually improving. Currently, artificial intelligence can generate images and videos with a high level of realism. AI also creates text materials that contain reasonable semantic constructions corresponding to what is happening and existing in the space of objective reality.
The latest graphic model from OpenAI called DALL-E 3 can create text in images.
Artificial intelligence demonstrates a rapid pace of development of its abilities. Against this background, the problem of cybersecurity is becoming more relevant. AI can generate deepfakes, which in some cases become a tool for manipulating public opinion. Artificial intelligence is also used by cybercriminals. Users should know the algorithms for committing cybercrimes. A query in the Internet search system, such as how to know if my camera is hacked, will allow the person to detect fraudulent activity on a personal device in time. It is worth noting that cybercriminals, in addition to AI, use other tools of action in the digital space.
Mohammad Norouzi says that the latest Ideogram software for artificial intelligence will allow the company to stay ahead of its competitors. He noted that this development demonstrates a high level of efficiency in solving problems of creating images with long and complex text. Mohammad Norouzi noted that the new software displays the correct text much more frequently than before. He paid special attention to the good results of the digital product when creating realistic images.
Ideogram has launched a feature called Magic Prompt. This solution may lengthen the written prompts provided to users. This feature will allow clients to create better and more detailed images.
The announcement of Ideogram’s funding comes days after Google suspended a feature of its artificial intelligence system called Gemini, which generates visual content. The tech giant made this decision after receiving negative criticism from users. As part of the solution to the problem, the company tried to reduce AI bias and clarify consumer queries.
Ideogram raised $16.5 million in seed funding in 2023 as part of a round led by Andreessen and Index. The company plans to direct the new funds to meet the needs for hiring staff and computing equipment.
As we have reported earlier, ElevenLabs Raises $80 Million for AI Projects.
