Ideogram, a Toronto, Canada-based AI startup, has secured $80 million in Series A funding alongside the release of its "1.0" update for its text-to-image generation platform and a new subscription model.
SaaS Investors
The round was led by Andreessen Horowitz, with participation from returning investor Index Ventures and new backers Redpoint Ventures, Pear VC, and SV Angel.
Andreessen Horowitz (a16z) is a venture capital firm that backs bold entrepreneurs building the future through technology. Founded in 20019, the firm invests in seed to venture-stage growth-stage technology companies, across AI, bio + healthcare, consumer, crypto, enterprise, fintech, games, and companies building toward American dynamism.
Ideogram Use of Funds
The company will use the funding to fuel its expansion and development of more advanced generative media models, with the company actively hiring across multiple departments.
About Ideogram
Founded by Mohammad Norouzi, Chitwan Saharia, William Chan, and Jonathan Ho, Ideogram aims to revolutionize AI-generated images while providing a consumer-grade user experience. Ideogram's platform allows users to generate images from text prompts rapidly. It offers state-of-the-art functionalities, enabling individuals to explore and experiment with creative endeavors through the use of generative AI. The company's mission is to help people become more creative through generative AI by developing tools that make creative expression more attainable.
Funding Details
Company: Ideogram
Raised: $80.0M
Round: Series A
Funding Month: February 2024
Lead Investors: Andreessen Horowitz
Additional Investors: Index Ventures, Redpoint Ventures, Pear VC, and SV Angel
Company Website: https://ideogram.ai/
Software Category: Generative AI Text to Image Platform
Source: https://betakit.com/midjourney-competitor-ideogram-closes-80-million-series-a-round-as-it-launches-latest-text-to-image-model/