{"id":129628,"date":"2024-06-11T18:55:34","date_gmt":"2024-06-11T16:55:34","guid":{"rendered":"https:\/\/prod1-sb.designtech.space\/ai-scaleup-igenius-aims-to-raise-650-million-euros\/129628\/"},"modified":"2024-06-29T05:10:42","modified_gmt":"2024-06-29T03:10:42","slug":"ai-scaleup-igenius-aims-to-raise-650-million-euros","status":"publish","type":"post","link":"https:\/\/www.startupbusiness.it\/en\/ai-scaleup-igenius-aims-to-raise-650-million-euros\/129628\/","title":{"rendered":"AI scaleup iGenius aims to raise 650 million euros"},"content":{"rendered":"\n

IGenius, a deep-tech company founded in 2016, reports that it has started raising for a \u20ac650 million round<\/strong> in new funds.<\/p>\n\n

Known for its artificial intelligence-based solutions and models designed for highly regulated industries, the company recently launched “Italia,” an open-source Large Language Model (LLM) specifically designed for companies in the finance and public administration sectors <\/strong>. <\/p>\n\n

Angel Capital Management and Eurizon Asset Management<\/strong> are among the first investors to participate in the round, bringing iGenius to unicorn status with a valuation in excess of $1 billion.<\/p>\n\n

iGenius artificial intelligence models prioritize reliability and data security, ensuring safe use in production environments. The company’s commitment to providing reliable and scalable AI solutions has attracted Fortune 500 customers and has been recognized by Gartner as a Cool Vendor in AI Core Technologies.<\/p>\n\n

IGenius has an international team operating in North America and Europe, with offices in New York and a main office in Milan<\/strong>. The company is investing hundreds of millions<\/a> to build artificial intelligence models that organizations can trust and adopt at scale.<\/p>\n\n

“With this capital raise, we take a big step forward today to drive our progress in AI for regulated industries. Our goal is to make data human, redefine the future of work, and close the skills gap, enabling individuals and businesses to reach new heights,” Uljan Sharka<\/a>, CEO of iGenius, said in a note. <\/strong> <\/p>\n\n

Centralized and closed models are not suitable for regulated industries because they encrypt data irreversibly, making it impossible to ensure the integrity and confidentiality of data once it is out of the organization’s control. Sectors such as finance and PA require strict data control to comply with current regulations and protect against breaches.<\/p>\n\n

The open-source LLM series from iGenius, Italy, offers the ideal solution for organizations that wish to retain full ownership and oversight of their data while managing the models within their own private infrastructure. This approach reduces the risks associated with data transfer and facilitates audits, customizations, and adaptations to meet specific operational flows.<\/p>\n\n

IGenius stresses the importance for organizations to own AI models to protect intellectual property and avoid vendor lock-in. Italy, distributed under an MIT license, enables companies to create their own virtual private brain, helping them turn AI investments into strategic assets. (photo: iGenius website)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Milan-based company with offices in New York has kicked off the round that will enable it to achieve unicorn status, Angel Capital and Eurizon are the first 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