AI startup Adept raises $350M in fresh funding
The company plans to use the new funds to launch its initial products, train models, and recruit more AI talent.
Artificial intelligence (AI) startup raised $350 million in a Series B funding round led by General Catalyst and Spark Capital, the startup said earlier this week.
The company plans to use the new funds to launch its initial products, train models, and recruit more AI talent, according to an Economic Times report.
Founded by former Google researchers, Adept focuses on training a neural network to perform general tasks for enterprise clients. It has been working with companies to use their data to help create a natural language interface to access existing software such as Adobe Photoshop and Airtable.
Earlier in April 2022, the startup had raised $65 million in funding. Adept didn't disclose its valuation, but sources familiar with the matter told ET that the company was a unicorn.
"Adept's language models are geared towards creating 'actions' instead of generating text. This automation of actions enables an enterprise's knowledge workers to be a lot more efficient and effective," said Deep Nishar, Managing Director at General Catalyst, who led the firm's investment.
The startup recently experienced some management reshuffles when co-founders Niki Parmar and Ashish Vaswani left the company, but that did not hinder the fundraising, given strong investor interest.
Edited by Suman Singh