New York-based General Intuition is in talks for fresh funding at a $6 billion pre-money valuation, with Valor Equity Partners, Point72 Ventures, Khosla Ventures and General Catalyst participating in the round.
General Intuition is moving quickly to raise fresh capital, just weeks after completing another sizeable funding round.
The New York-based artificial intelligence startup is in talks with investors for financing at a $6 billion pre-money valuation. New investors Valor Equity Partners and Point72 Ventures are participating, alongside existing backers Khosla Ventures and General Catalyst.
The discussions come only weeks after General Intuition raised $320 million at a $2.3 billion valuation, marking an unusually rapid shift in the valuation being discussed around the company.
If the latest fundraising is completed at the valuation currently under discussion, the $6 billion figure would be roughly 2.6 times the valuation attached to the earlier round.
Medal’s player data sits at the centre of the story
One of the more distinctive pieces of General Intuition’s technology story comes from Medal, the video game clip-sharing platform previously run by CEO Pim de Witte.
General Intuition has been using what it calls “action labels”, information that tracks player movements within Medal’s gaming data. Investor Vinod Khosla has highlighted the approach as an important part of how the company trains its artificial intelligence systems.
Those action labels are being used to help train AI to deal with tasks it has not encountered before, according to the information available on the company’s approach.
That connection between video-game behaviour and AI training gives General Intuition’s fundraising story a dimension beyond the headline valuation. Rather than relying only on the scale of the proposed round to attract attention, the company is drawing investor interest around the way behavioural data from gaming can be used to develop AI systems intended for broader physical and robotic tasks.
Fresh capital aimed at AI and robotics expansion
General Intuition plans to use the new funding to advance its artificial intelligence technology, with robotics identified as a particular area of focus.
The company is also working with CoreWeave to increase its computing capacity and intends to expand its team.
Computing resources and talent are therefore set to form two major areas of investment alongside further development of the underlying technology.
Investor demand for the current round has also been strong, with the financing described as oversubscribed.
For now, however, the transaction remains under discussion. The $6 billion figure represents the pre-money valuation being sought in the fundraising talks, rather than a valuation resulting from a completed financing.
The pace of those talks nevertheless puts General Intuition in a notably different position from only weeks earlier. Its previous $320 million raise established a $2.3 billion valuation. The latest discussions now place a substantially higher figure on the company while its investors focus on the potential of its action-label approach, robotics ambitions and plans to expand computing capacity.
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