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AI Startup iGenius Aims for Unicorn Status with Ambitious Funding Round
Artificial intelligence company iGenius is positioning itself as a significant player within the AI landscape, as it seeks to raise €650 million ($698 million), targeting a post-money valuation of approximately €1.7 billion. This move could elevate the Italian startup into the elite tier of Europe’s burgeoning AI firms, joining the likes of France’s Mistral AI and Germany’s DeepL. Despite cautionary notes from industry veterans about the dominance of established tech giants like Meta and Alphabet in the AI sector, iGenius remains confident in attracting investor interest.
Operating from Milan, iGenius has introduced "Italia," an open-source large language model aimed at sectors including financial services. The company has already secured significant backing, with a pre-money valuation of €1.05 billion from notable investors such as Angel Capital Management and Eurizon Asset Management. Additionally, it is engaged in discussions with other potential investors to further bolster its financial standing.
iGenius collaborates with prominent corporations like Allianz SE, Aon Plc, Enel SpA, and Intesa Sanpaolo SpA. The startup has set a target of achieving €20 million in annual recurring revenue by the end of 2024. The company's progress is underscored by Italy’s regulatory climate, which saw a temporary ban on OpenAI’s ChatGPT due to privacy concerns regarding user data. This regulatory scrutiny culminated in a decision that OpenAI had indeed violated the privacy of Italian users, highlighting the sensitive environment in which AI companies operate.
