Italy Artificial Intelligence Startup iGenius to Raise $702 Million at $1.8 Billion Valuation, iGenius Founded in 2016 with New Investors Including Italy Intesa Sanpaolo Bank Subsidiary Eurizon Asset Management & Angelo Moratti Family Office Angel Capital Management
13th June 2024 | Hong Kong
Italy artificial intelligence (AI) startup iGenius is targeting to raise $702 million (EUR 650 million) at $1.8 billion (EUR 1.7 billion) valuation in the latest funding round. iGenius was founded in 2016 with new investors (in the latest funding round) including Italy Intesa Sanpaolo bank subsidiary Eurizon Asset Management, and Angelo Moratti family office Angel Capital Management. iGenius (11/6/24): “iGenius, a deep-tech company established in 2016, aims to raise €650 million in funding. Known for its groundbreaking AI models tailored for highly regulated industries, iGenius has gained substantial momentum. The company recently launched “Italia”, an open-source foundational Large Language Model (LLM) specifically designed for organizations in Finance and Government. Angel Capital Management and Eurizon Asset Management are among the first investors to join, propelling iGenius to unicorn status with a valuation exceeding 1 billion dollars. iGenius’ AI models prioritize data reliability and security, ensuring their safe use in production environments. The company’s commitment to providing trustworthy and scalable AI solutions has attracted Fortune 500 customers and earned recognition from Gartner as a Cool Vendor in AI Core Technologies. iGenius boasts an international team operating across North America and Europe, with offices in New York and Milan as its headquarters. The company is investing hundreds of millions of euros to build AI models that organizations can trust and adopt on a large scale. Centralized and closed models are unsuitable for regulated industries because they encode data irreversibly, making it impossible to ensure data integrity and confidentiality once outside organizational control. Sectors like finance and government require stringent data control to meet regulatory compliance and safeguard against breaches. iGenius’ open-source LLM series, Italia, offers the ideal solution for organizations to maintain full ownership and oversight of their data by hosting and operating the models within their own secure infrastructure. This approach mitigates the risks associated with data transfer and allows auditing, customization, and adaptation to meet specific operational workflows. iGenius emphasizes the importance of organizations owning the AI models to protect intellectual property and avoid vendor lock-in. Italia, provided under the MIT license, empowers organizations to create their own private virtual brain, enabling every company to turn AI investments into strategic assets.”
“ Italy Artificial Intelligence Startup iGenius to Raise $702 Million at $1.8 Billion Valuation, iGenius Founded in 2016 with New Investors Including Italy Intesa Sanpaolo Bank Subsidiary Eurizon Asset Management & Angelo Moratti Family Office Angel Capital Management “
Uljan Sharka, CEO of iGenius: “Today, we take a giant leap forward with additional capital to drive our AI advancements in regulated sectors. Our goal is to make data human, redefine the future of work, and close the skills gap, empowering individuals and businesses to reach new heights.”
Angelo Moratti, Founder and Chairman of Angel Capital Management, a leading private investment firm mainly focused on fast growing Consumer and Lifestyle companies.
- Founder and Chairman of Milano Investment Partners.
- Has collaborated with Warren Buffett since 2001 to be his “eyes and ears” in the European entrepreneurial landscape.
- Since 2006 he has worked together with Howard Schultz to implement the strategy to open and expand Starbucks in Italy.
- Starbucks and ACM have co-invested in the Milanese food concept Princi that is now present in numerous countries around the world inside the Roastery.
- Vice Chairman of Special Olympics International and Chairman of Special Olympics Italia, an international organization dedicated to empowering individuals with intellectual disabilities to become physically fit, productive and respected members of society through sports training and competition.
- Founder and former Chairman of E-PLANET, a major telecommunication Italian Operator that went public on the Italian Stock Exchange at the beginning of May 2000.
- Founder and former Chairman of Sarlux, a company that built and managed an electrical power station with capacity of 550 MW (1996/2002).
- Former Board Member of INTER MILAN FOOTBAL CLUB, major football team in Italy.
- Former Board Member of Olimpia Milano, a major basketball club sponsored by Armani Jeans
- Former Chairman and Board Member of Associazione Amici del Centro Dino Ferrari, an association supporting the research for neurodegenerative diseases founded by Enzo Ferrari in memory of his son Dino.
Italy Artificial Intelligence Startup iGenius to Raise $702 Million at $1.8 Billion Valuation, iGenius Founded in 2016 with New Investors Including Italy Intesa Sanpaolo Bank Subsidiary Eurizon Asset Management & Angelo Moratti Family Office Angel Capital Management
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