Archetype AI, a Palo Alto, CA-based physical AI company, has emerged from stealth and raised $13 million in seed funding.
Investors
The round was led by Venrock, with participation from the Amazon Industrial Innovation Fund, Hitachi Ventures, Buckley Ventures, and Plug and Play Ventures. Additionally, several angel investors have contributed to this funding.
Founded in 1969, Venrock is a corporate venture capital investment arm of the Rockefeller Family based in Palo Alto, California, with additional offices in New York. The firm primarily focuses on technology and healthcare. Ganesh Srinivasan from Venrock will join the board as part of this financing.
Archetype AI Use of Funds
The company will primarily use the funds to expand the Archetype AI team and scale the platform to accommodate diverse customer use cases across various industries.
About Archetype AI
Founded in 2023 by Ivan Poupyrev, Brandon Barbello, Leonardo Giusti, Jaime Lien, and Nicholas Gillian, Archetype AI is a physical AI company focused on leveraging artificial intelligence to understand and solve real-world problems. Their flagship product, Newton™, a foundation model designed to comprehend the complexities of the physical environment. By integrating multimodal temporal data from a variety of sensors with natural language processing, Newton can interpret and reason about the physical world in real time. The company is on a mission to use the power of AI to solve real-world problems. Archetype AI works with leading companies, including Fortune Global 500 brands across automotive, consumer electronics, construction, logistics, and retail.
Funding Details
Company: Archetype AI, Inc.
Raised: $13.0M
Round: Seed Round
Funding Month: April 2024
Lead Investors: Venrock
Additional Investors: Amazon Industrial Innovation Fund, Hitachi Ventures, Buckley Ventures, Plug and Play Ventures
Company Website: https://www.archetypeai.io/
Software Category: Physical AI Foundational Model
Source: https://www.businesswire.com/news/home/20240405306572/en