Oct 20 : Artificial intelligence startup ASI said on Tuesday it had raised $325 million in a funding round valuing the company at $3 billion, amid growing investor appetite for AI software used in real-world applications.
Here are more details:
• The Series C round was led by Spark Capital, with participation from affiliates of Citadel Securities, Meritech Capital and Craft Ventures, among others
• The Boston-based company develops simulation and monitoring software that helps operators forecast disruptions hours, days or weeks in advance across complex systems such as air traffic, power grids and military operations
• "While the broader tech ecosystem spent hundreds of billions teaching AI to manipulate words and generate text, ASI is deeply focused on AI systems that can manage and control physical assets," said Phillip Buckendorf, founder and CEO of ASI
• ASI said it would use the proceeds to expand deployments in energy, logistics and military environments and add to its research and engineering teams in Boston
• The company secured a five-year, $99 million US Army contract in October and a 12-year, $875 million Federal Aviation Administration contract in June, covering military command systems and air traffic management, respectively