AI startup Adept raises $350M in fresh funding

Adept, a startup in artificial intelligence (AI), said earlier this week that it had raised $350 million in a Phase B fundraising round, led by General Catalyst and Spark Capital. The fresh cash will be used by the startup to launch its initial products, develop models, and hire more AI experts.

Adept, a company established by former Google researchers, specialises in teaching neural networks to carry out general tasks for business clients. It has been collaborating with businesses to use their data in the development of a natural language user interface for accessing current applications like Adobe Photoshop and Airtable.

The business had acquired $65 million in investment earlier in April 2022. Although Adept withheld its valuation, those acquainted with the situation said that the business was a unicorn.

"Adept's language models are designed to produce "actions" rather than text. The automation of these processes makes knowledge workers in businesses far more productive and efficient "Managing Director at General Catalyst Deep Nishar, who oversaw the company's investment, remarked. Co-founders Niki Parmar and Ashish Vaswani recently left the firm, causing some management changes, but strong investor interest meant that raising money was unaffected.