Convergence AI, a UK AI startup founded last month by former Cohere employees, is already in talks to raise a sizable pre-seed round in the midst of venture capitalists' ongoing spending rush in the AI sector.
Founded by former Cohere workers Marvin Purtorab and Andy Toulis (who was also an Uber machine-learning engineer), the firm was incorporated at the end of April. According to investor documents that were leaked and seen by Business Insider, their main goal is to use AI to build automated workforces.
According to two London insiders, the startup has at least six separate term sheets for funding and the backing of numerous top funds. Six people familiar with the transaction told BI that Convergence AI chose to pursue a pre-seed investment round headed by the London venture capital company Balderton Capital.
Because the agreement is not closed, the size of the round has not yet been decided. Five sources stated that Convergence AI's first goal was to obtain $10 million from investors.
Two sources claim that the business may raise closer to $12 million, thus the deal may close on a higher amount. According to three investors in London, the money might result in a $50 million valuation for Convergence AI.
The startup wants to create "agents" that can communicate with one another on behalf of staff members via pre-agreed access levels to messaging services like Slack or email. These employees' digital twins may respond and take activities on their behalf if they are not present or offline.
Significant VC interest has been seen in startups boasting alumni from AI giants such as OpenAI, DeepMind, and Nvidia throughout the last eighteen months. Numerous firms have surfaced, each with substantial funding.
Investor attention has been drawn to startups creating AI agents and foundational models since ChatGPT-3 launched in November 2022. Notable examples include the London venture 11x, the Paris startup Holistic, the competitor French company Mistral in OpenAI, and the AI voice-cloning startup ElevenLabs.
Master Data Science and AI with Code Labs Academy’s industry-driven bootcamp, designed to teach you the skills top employers demand.