AI startups that attracted over $600 million in investment last week are among the top five recommended companies
Posted: Dec 25, 2023 5:20 AM Updated: Dec 25, 2023 5:20 AM
In a dynamic week for the tech industry, artificial intelligence startups emerged as frontrunners, securing more than $600 million in funding. The enthusiasm surrounding AI innovation continues to attract significant investment, representing a robust ecosystem seeking to harness the potential of cutting-edge technology.
Taking a look at the highlights of the past week, we highlight the top five AI startups that have successfully navigated the competitive landscape and secured significant financial backing.
Lightmatter raises $155 million
Lightmatter, a Boston-based startup specializing in silicon photonics computing hardware tailored for generative AI and high-performance computing applications, announced an additional $155 million in “Series C-2” support. The funding was led by industry giants Google Ventures and Viking Global. investor.
This follows a similarly impressive fundraising effort earlier this year, bringing Lightmatter’s total funding to $420 million. With extensive recruitment plans currently underway, the company plans to further strengthen its workforce with an eye on expansion. Key moves on the list include opening a new office in Toronto next year and adding to existing offices in Boston and Mountain View, California.
GreyOrange raises $135 million
GreyOrange, a U.S.-based leader in AI-powered automation for retail and e-commerce fulfillment centers, has secured $135 million in its latest Series D funding round led by Anthelion Capital (formerly Cowen Sustainable Investments).
This capital infusion will be used to drive the company’s global expansion efforts and strengthen the adoption of its advanced fulfillment orchestration platform. GreyOrange aims to solidify its leadership position in innovative solutions in the automation environment by deploying cutting-edge robotics and sensing technologies in warehouses, distribution centers and retail stores.
Harvey raised $80 million.
Harvey, a generative artificial intelligence startup specializing in the legal space, announced that it has raised an $80 million Series B funding round. The fund is a joint effort led by Elad Gil and Kleiner Perkins and features OpenAI’s startup fund, the core of the widely used ChatGPT AI chatbot, and notable participation from Sequoia.
Through its partnership with OpenAI, Harvey is advancing the realm of applied AI within professional services by pioneering domain-specific foundational models tailored to address the complex needs of its clients. The Series B funding will be instrumental in Harvey’s ambitious plans to scale custom model development, expand its team, and enhance product capabilities.
Meltwater raised $65 million.
Meltwater, known for its expertise in media monitoring and business intelligence through the integration of AI and big data analysis, begins a new chapter. Norwegian private equity firm Verdane acquired an 11% stake in Meltwater, bringing the company’s value to $592 million and valuing the stake at about $65 million.
The investment will help the startup strengthen its position in the area of AI and big data analytics within the dynamic field of media intelligence. Meltwater’s evolution from traditional media monitoring to AI-based analytics highlights the changes in data processing and utilization in the digital age.
Unnatural products raise $32 million
Santa Cruz’s Unnatural Products, a cutting-edge biotechnology company at the intersection of AI and chemistry for precision targeted therapeutics, successfully secured a notable $32 million in Series A funding round. With a strategic vision in mind, Unnatural Products plans to utilize these funds to drive the advancement of its technology platform.
Additionally, the company aims to diversify its focus by exploring new opportunities beyond the oncology space and within the ever-expanding biotechnology environment.
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About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.