Startup Essential AI has raised $56.5 million Series A in order to build the Enterprise Brain. Founded by two Google veterans, Ashish Vaswani, and Niki Parmar, the startup is working on a full stack of AI products that is promising to build bridges between humans and machines.
According to Yahoo! finance, the series A funding round was led by March Capital and included participation from Google, KB Investment, NVIDIA, Thrive Capital, AMD, and Franklin Venture Partners; previously, Essential AI raised $8.3 million in seed funding.
So what exactly is Essential AI hoping to do? According to the co-founders, who are also the co-creators of the Transformer architecture that underpins many of the advancements in AI, they want to increase productivity by automating monotonous workflows while empowering users to be able to solve progressively harder tasks.
Their website says the following, “With human feedback and technical breakthroughs, our LLMs will empower users to solve progressively harder tasks and unlock critical skills, scaling the impact of organizations on society.”
Going by this and other pieces of information shared by the startup, it could mean that the company is looking to target the task of running a complete analysis with dedicated AI products. In short, they’re promising enterprise-level data analysis that may be able to deliver insights that provide business users with easy means to interpret ever-growing volumes of data.
Ashish Vaswani, CEO of Essential AI said, “Niki and I are excited to build a world-class, multi-disciplinary team of engineers, researchers, designers, and sales and product experts who are ready to solve real-world AI challenges and create a massive new market opportunity.”
Echoing Vaswani Jamie Montgomery, Co-Founder and Managing Partner of March Capital and a board member of Essential AI said, “We are thrilled to invest in Essential AI as it drives innovation at the intersection of enterprise adoption of AI and the emergence of enterprise-grade LLMs.”
He continued, “We look forward to partnering with the Essential AI team and leveraging March Capital’s industry expertise and global network to support Essential AI’s continued growth.” With the expected CAGR of generative AI-powered products being over 30% through 2030, it’s an arms race in AI to see who makes the next big breakthrough.