AI Startup iGenius Seeks Funding at €1.7 Billion Valuation

Artificial intelligence startup iGenius, which wants to compete with OpenAI and other generative AI companies, is seeking to raise €650 million ($698 million) at a post-money valuation of about €1.7 billion, Chief Executive Officer Uljan Sharka said on Monday.

Completing a funding round at a so-called unicorn valuation would catapult the Italian startup into the elite ranks of hot, well-capitalized AI companies emerging from Europe, including France’s Mistral AI and Germany’s DeepL. IGenius is banking on continued investor enthusiasm for plowing money into the sector, even as some industry veterans warn that further progress in foundational models will ...