The investment has placed a valuation of $100 million on the small team of four members at Nomic AI, indicating the sustained interest of venture capitalists in supporting AI product development by compact teams.
Nomic, an AI startup based in New York, has successfully raised $17 million in a recent funding round led by Coatue
Other participants in the funding round included Contrary Capital and Betaworks Ventures. Established in 2022, Nomic has already launched two products. One of them is GPT4ALL, an open-source AI model that can be freely downloaded and operated on various devices, such as laptops. The second product, called Atlas, provides users with a tool to visualize unstructured datasets used in the construction of large language models (LLM).
The co-founder of Nomic AI, Andriy Mulyar, expressed the company’s intention to empower individuals to access powerful models customized for their specific use cases and to enable them to construct these systems themselves. The funding secured will be utilized for recruiting purposes and further development of Nomic’s products.
Nomic’s products have already attracted more than 50,000 developers, and companies like Hugging Face have utilized their offerings
The startup has also formed partnerships with MongoDB and Replit. Researchers worldwide are collaborating to create models that can compete with the likes of GPT-4.
Sri Viswanath, a partner at Coatue, emphasized the importance of local models in terms of privacy and individual data interaction with LLM, positioning Nomic’s platform as a solution for these concerns. Coatue has made several investments in open-source AI startups, including Stability AI, Hugging Face, and Replit, underscoring their commitment to supporting the growth of such companies.
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