- iGenius, an Italian AI startup, aims to raise €650 million for AI development in finance and public sectors.
- Founded in 2016, iGenius competes with Mistral and DeepL in Europe’s AI landscape.
- Initial investors include Intesa Sanpaolo’s Eurizon and Angel Capital Management.
- Attaining unicorn status is anticipated with a valuation surpassing $1 billion.
- CEO Uljan Sharka emphasizes the pivotal role of this funding in advancing AI solutions.
- iGenius recently introduced “Italia,” an Italian-trained open-source Large Language Model.
Main AI News:
In a strategic move to bolster its transformative artificial intelligence (AI) solutions for the financial and public sectors, Italian startup iGenius announces its ambition to secure €650 million ($698.56 million) in fresh capital. With a founding year of 2016, iGenius is navigating the burgeoning European AI landscape alongside key players like France’s Mistral and Germany’s DeepL.
Eurizon, the asset management arm of Intesa Sanpaolo, and Angel Capital Management headline the initial backers for this funding endeavor, propelling iGenius toward the coveted unicorn status reserved for startups commanding valuations exceeding $1 billion.
Uljan Sharka, CEO of iGenius, underscores the significance of this capital infusion, emphasizing its pivotal role in advancing AI innovations tailored for regulated sectors. “This substantial investment signals a significant leap forward as we drive innovation within the AI realm,” Sharka remarks.
Notably, iGenius recently unveiled “Italia,” a groundbreaking open-source Large Language Model (LLM) meticulously trained in Italian. This innovation promises an unparalleled grasp of linguistic intricacies and cultural nuances, as touted on the company’s website.
Conclusion:
iGenius’ ambitious €650 million funding endeavor signals a significant stride in advancing AI capabilities within regulated sectors. With notable investors and innovative offerings like “Italia,” iGenius is poised to further disrupt the market landscape, potentially reshaping the future of AI integration in financial and public services.
