Contextual AI, a Palo Alto, CA-based company, has emerged from stealth with $20 million in seed funding to build the next generation of language models for the enterprise.
The round was led by Bain Capital Ventures (BCV) with participation from Lightspeed, Greycroft, SV Angel, and well-known angel investors including Elad Gil, Lip-Bu Tan, Sarah Guo, Amjad Masad, Harry Stebbings, Fraser Kelton, Sarah Niyogi, and Nathan Benaich.
The company is creating large language models (LLMs) that are purpose-built for enterprises, such that they respect data privacy, are safer, more trustworthy, more customizable, and more efficient than the current generation of LLMs.
“With 10+ years of experience as researchers in AI, natural language processing, and machine learning, my cofounder Amanpreet and I are on a mission to take this powerful technology to the next step, where it can be used in real-world enterprise applications,” said Douwe Kiela, co-founder and CEO of Contextual AI. “Knowledge workers of the future need LLMs that work accurately, efficiently, and effectively over huge private datasets, in a way that companies can trust.”
Company: Contextual AI, Inc.
Raised: $20.0M
Round: Seed Round
Funding Month: June 2023
Lead Investors: Bain Capital Ventures (BCV)
Additional Investors: Lightspeed, Greycroft, SV Angel, Elad Gil, Lip-Bu Tan, Sarah Guo, Amjad Masad, Harry Stebbings, Fraser Kelton, Sarah Niyogi, and Nathan Benaich
Company Website: https://contextual.ai/
Software Category: AI-based Productivity
About the Company: Founded in 2023 by Douwe Kiela and Amanpreet Singh, Contextual AI is a company that offers a pioneering approach to generative AI for the workplace, creating large language models (LLMs) that are purpose-built for enterprises. Contextual.ai specializes in providing customizable, scalable, and trustable contextual language models while ensuring data safety.
Source: https://www.businesswire.com/news/home/20230607005061/en/Contextual-AI-Emerges-From-Stealth-to-Build-the-Next-Generation-of-Language-Models-for-the-Enterprise