Before becoming a unicorn, Character.AI had achieved consecutive milestones since its beta launch in September 2022.
As the AI buzz continues, Silicon Valley chatbot startup Character.ai has achieved unicorn status after securing $150 million in a funding round. The company had announced the Series A round earlier this month. After generating this amount, Character.AI saw its valuation grow to $1 billion as it reached unicorn status.
Character.AI achieves unicorn status
one in Press release Announcing successful Series A funding, Character.AI has partnered with Andreessen Horowitz (a16z) led the round that led it to unicorn status. In addition to a16z, its previous investors contributed to the new milestone. They are SV Angell, former GitHub CEO Nat Friedman, A Capital Ventures and Elad Gill.
The 16-month-old chatbot startup by Noam Shazir and Daniel de Freitas, two former Google employees, has risen to the top of AI technology. The company said it will use the new funding to further its growth by expanding its computing capabilities. As such, the AI startup will boast of a more sophisticated model with higher accuracy that provides excellent features and services to consumers. It also plans to broaden its engineering team. Commenting on the Series A funding that led to the newly attained unicorn status, Shazeer, who co-founded Character.ai with Freitas, said:
“The power of Character.AI is our highly sophisticated language model, which rapidly analyzes and contextualises vast amounts of information to produce useful intelligence tailored to each individual, making it a personalized superintendent companion that increases productivity advises, educates and entertains. The potential use cases are endless.”
Character. AI Achievements
Before becoming a unicorn, Character.AI had achieved consecutive milestones since its beta launch in September 2022. It saw X4 growth in two months to nearly 100 million monthly site visits. Furthermore, users have sent over 2 billion messages since inception. The first 1 billion messages were sent within four months, while another billion were sent in a month. The technology which allows users to create characters is said to have created over 2.7 million characters so far. Meanwhile, it started with less than 100. More interestingly, SimilarWeb Ranking placed the platform among the global top 400 websites on a monthly basis.
Character.AI is not the first AI startup to achieve unicorn status. At the same time, more companies have generated more funding due to the AI craze. The rush to market began in January when Microsoft announced $10 billion investment in ChatGPT Manufacturer OpenAI. Artificial intelligence company Anthropic was asked to secure a $300 million investment led by Spark Capital. The cash injection soared the company to a pre-investment valuation of $4.1 billion. The Spark Capital-led funding comes after the AI company reviewed a $400 million deal from Google (NASDAQ:GOOGL), people with knowledge of the matter revealed.
Ibukun is a crypto/finance writer interested in delivering relevant information using non-complicated words to reach all types of audiences. Apart from writing, she enjoys watching movies, cooking and exploring restaurants in the city of Lagos where she lives.
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