Total amount raised
$90.3 Millions
Latest funding date
10/1/2021
Location
Abacus.AI has successfully raised significant funding through multiple rounds, including a Series C round, with backing from prominent investors like Tiger Global Management and Index Ventures.
The platform offers a comprehensive suite of AI solutions, including AI Agents, ChatLLM, and Anomaly Detection, designed to integrate seamlessly into existing business processes. Keep reading to explore the intricacies of Abacus.AI's fundraising journey and the investors backing this innovative platform.
What Is Abacus.AI?
Abacus.AI, founded in April 2019, is headquartered in San Francisco, California. The company was established by Arvind Sundararajan, Bindu Reddy, and Siddartha Naidu.
Specializing in AI research and cloud services, Abacus.AI helps organizations design, train, and operationalize machine and deep learning models. Their platform offers products like AI Agents, ChatLLM, and Anomaly Detection.
With a team of 101-250 employees, Abacus.AI continues to innovate, providing AI solutions that seamlessly integrate into existing business processes.
How Much Funding Has Abacus.AI Raised?
- Seed Round
- Amount Raised: $5.3M
- Date: June 2019
- Lead Investors: Eric Schmidt
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI platform.
- Series A
- Amount Raised: $13M
- Date: July 2020
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and support more use cases.
- Series B
- Amount Raised: $22M
- Date: November 2020
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C
- Amount Raised: $50M
- Date: October 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the AI platform and launch new services like Computer Vision.
Total Amount Raised: $90.3M. Current Valuation: Not publicly disclosed.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies. They have a strong presence in the internet, software, consumer, and financial technology sectors.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Coatue
- Details: Coatue is a global technology-focused investment firm managing both public and private equity funds. They are known for their strategic investments in high-growth technology companies.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Snap, DoorDash, ByteDance.
- Index Ventures
- Details: Index Ventures is a venture capital firm that invests in technology-enabled companies. They have a significant focus on e-commerce, fintech, and enterprise software sectors.
- Investment Focus Areas: E-commerce, fintech, enterprise software.
- Notable Investments: Dropbox, Etsy, Slack.
- Alkeon Capital Management
- Details: Alkeon Capital Management is an investment firm that focuses on technology, media, telecommunications, and healthcare sectors. They are known for their growth-stage investments.
- Investment Focus Areas: Technology, media, telecommunications, healthcare.
- Notable Investments: Alibaba, Amazon, Google.
- Eric Schmidt
- Details: Eric Schmidt is the former CEO and Chairman of Google. He is a prominent investor and advisor in the technology sector.
- Investment Focus Areas: Technology, AI, cloud services.
- Notable Investments: Not publicly disclosed.
What's Next for Abacus.AI?
Abacus.AI is poised to capitalize on the burgeoning AI market, particularly in computer vision, which is projected to reach $51.3 billion by 2026. The company plans to enhance its platform to support image detection, classification, and segmentation, catering to a wide range of enterprise use cases. This expansion presents a significant growth opportunity, especially as the demand for AI-enabled devices continues to rise.
Future fundraising seems likely given the company's rapid growth and strong investor backing. With $90.3 million already raised, additional rounds could help scale operations and further develop their AI solutions. However, Abacus.AI will need to navigate challenges such as intense competition and security concerns related to cloud-based image processing. Ensuring scalability and reliability will be crucial as they expand their user base and platform capabilities.
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