webAI, an Austin, Texas-based AI development platform, has raised $60 million in Series A funding round, bringing its valuation to $700 million.
Additionally, webAI has appointed three industry veterans to its board: Michael Abbott (former Apple VP), David Beirne (X10 Capital founder), and Dennis Durkin (former CFO of Activision Blizzard).
Investors
The investors in this round were not disclosed.
webAI Use of Funds
The company will use the funding to accelerate its mission of democratizing AI by providing enterprises with a secure, cost-effective solution that operates on local devices, significantly reducing compute costs.
About webAI
webAI provides an AI development platform designed to offer enterprises localized AI infrastructure and solutions to existing cloud-based models. Founded in 2019 and headquartered in Austin, Texas, webAI's mission is to drive innovation and create a future powered by superintelligence.
Funding Details
Company: webAI Inc.
Raised: $60.0M
Round: Series A
Funding Date: September 2024
Lead Investor: Undisclosed
Additional Investors: Undisclosed
Company Website: https://www.webai.com/
Software Category: AI Development
Source: https://www.prnewswire.com/news-releases/webai-appoints-new-board-members-and-secures-additional-funding-to-democratize-access-to-ai-302243679.html