French AI startup H raises $220 million seed round

You don’t often hear about a seed round above $10 million. H, a startup based in Paris and previously known as Holistic AI, has announced a $220 million seed round just months after the company started.

The reason this company was able to raise so much money so quickly is because it is an AI startup working on new models with an impressive founding team. Charles Kantor, co-founder and CEO of the startup, was a university researcher at Stanford.

The four other co-founders all previously worked for DeepMind, the Google-owned artificial intelligence company. Karl Tuyls was Director of Research at DeepMind, where he worked on game theory and multi-agent research.

Laurent Sifre was a principal scientist who contributed to many of DeepMind’s flagship projects, such as AlphaGo, AlphaFold, and AlphaStar. He also recently worked on Google’s Gemini and Gemma models.

Daan Wierstra was one of the founders of DeepMind and will become the Chief Scientific Officer at H. And finally, Julien Perolat has also done a lot of work on game theory and multi-agent research at DeepMind.

As you might guess, H will work on AI agents, automated systems that can perform tasks traditionally performed by human workers. companies minimalist site says that H is working on «frontier models of action to increase worker productivity».

The list of investors includes a long list of billionaires (or their family offices), some well-known VC funds and a few strategic backers. On the list of billionaires you will find Eric Schmidt, Xavier Niel, Yuri Milner, Bernard Arnault (via Aglaé Ventures) and Motier Ventures (the family office of the owner of the Galeries Lafayette Group).

Recommended Article
Bugcrowd, a white hat hacking platform, acquires Informer to strengthen its security measures

On the VC list, some of the investors include Accel, Bpifrance’s large venture fund, Creandum, Elaia Partners, Eurazeo, FirstMark Capital and Visionaries Club.

Finally, there are several industrial investors, such as Amazon and Samsung. Interestingly, UiPath is also an investor in H. Europe’s robotic process automation unicorn will also help Hu when it comes to commercialization and partnerships.

According to an earlier report by Bloomberg, investors divide their liabilities into equity and convertible debt. About 40% of today’s financing is traditional equity investment, which means that H sold some of his shares in exchange for money.

The rest will be converted into equity at a later stage, when H raises another round of financing. Investors’ stakes for this part of the debt will be based on the company’s future valuation — sometimes there is a valuation cap and a discount rate.

H’s founding team has already assembled a team of 25 engineers and scientists, which means the company plans to move quickly. In comparison, Mistral AI, another well-funded AI company, has been much more conservative when it comes to hiring.

H also needs to raise a lot of money because some of that money will be used to pay for computing and data power. The company says it wants to achieve full artificial general intelligence (AGI). But let’s face it, it’s a marketing promise because no one knows if or when AGI will happen.

As TechCrunch wrote last year, Paris has become a magnet for AI startups and talent. Mistral AI is arguably the biggest name in town, but there are dozens of tech founders who have decided to focus on AI and set up shop in the French city.

Recommended Article
Maad raises $3.2 million in seed funding

In addition to access to capital, tech giants — like Facebook and Google — have historically set up AI research labs in Paris and London. While the biggest AI companies — such as OpenAI and Anthropic — are based in San Francisco, AI startup ecosystems are also emerging in Paris and London.

#French #startup #raises #million #seed

What do you think?

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

GIPHY App Key not set. Please check settings

Prince William is joined by Princess Beatrice for his first garden party in 2024 without Kate by his side as they brave the rain at Buckingham Palace

ESPN and FA agree NEW four-year FA Cup TV rights extension ahead of Saturday’s Manchester derby final