AI Agents, ESG Data & Open AI (4.10.24)

Welcome to this week’s Friday Roundabout, where we highlight the latest in early-stage investment activity across Europe ???? ??. In this edition, six rounds which represent the best of what has happened over the last few days in the European early stage activity ??

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Rounds

Now, this round clearly does not fall into the scope of Friday Roundabout - but I would be remiss not to at mention what is the biggest round in the history of venture capital, so here we go ??

1?? OpenAI ???? has just closed a historic $6.6 billion funding round, boosting its valuation to a staggering $157 billion. This round, led by Thrive Capital and Microsoft, attracted a diverse group of high-profile investors, including SoftBank, Nvidia, Tiger Global, Ark Investment Management, and Altimeter Capital. Notably, Salesforce Ventures and Shopify Ventures also participated, cementing OpenAI’s leadership in artificial intelligence development? .

The funds will be channeled towards accelerating the development of artificial general intelligence (AGI) and advancing OpenAI’s existing product suite, including ChatGPT, which boasts over 250 million weekly users. Despite its monumental achievements, the company is still working towards profitability, projecting significant revenue growth in the coming years - currently, OpenAI expects about $5 billion in losses on $3.7 billion in revenue this year

This funding round solidifies OpenAI’s position as one of the world’s most valuable startups, and the company is expected to use these resources to push the boundaries of what AI can accomplish?

And now, back to the regular programming of early stage european venture ????

2?? Briink ???? (AI / ESG Solutions) is transforming how companies handle the rapidly growing demand for Environmental, Social, and Governance (ESG) data. Using AI-powered tools, Briink automates the collection, verification, and auditing of large amounts of ESG data, ensuring accuracy and compliance with increasingly stringent regulations.

Based in Berlin, Briink addresses the challenge faced by over 50,000 companies in the EU as they navigate new regulations under the European Green Deal. The company’s AI tools provide actionable insights, helping organizations combat greenwashing while driving sustainability initiatives.

?? Briink recently raised €3.85M in a seed round co-led by EquityPitcher Ventures and 13books Capital, alongside Merantix, seed + speed Ventures, and angel investors. The funding will accelerate the development of smarter AI solutions to enhance ESG data management and help businesses tackle climate transition challenges

3?? DinMo ???? (AI / Customer Data Platform) – DinMo is transforming customer data management for mid-market companies with its Composable Customer Data Platform (CDP), allowing businesses to efficiently collect, manage, and activate customer data without needing large technical teams.

DinMo’s Composable CDP provides flexibility, enabling companies to select and integrate the tools they need into their existing infrastructure. Its platform facilitates seamless integration with cloud data warehouses like Google Cloud, Snowflake, and Databricks, orchestrates omnichannel customer journeys, and leverages AI-powered predictive analytics for features like churn prediction and lifetime value estimation. This approach gives companies the tools to compete with large enterprises in terms of customer insights and personalization, while automating data processes traditionally requiring data scientists.

?? DinMo raised €5 million in a funding round led by 468 Capital, with participation from big_bets, Seedcamp, Motier Ventures, and Financière Saint James. The investment will support the company’s growth, product development, and expansion efforts, particularly in AI and machine learning.

4?? Convergence ???? (AI / Personal AI Assistants) – Convergence is reshaping how personal and business tasks are managed through its innovative AI agents, known as Proxy. These personal AI assistants are designed to learn, adapt, and retain long-term memory, allowing them to handle both repetitive and complex tasks, helping users automate workflows and improve productivity.

Founded in April 2024 by machine learning engineers Marvin Purtorab and Andy Toulis, Convergence uses a new class of AI models called Large Meta Learning Models (LMLM). These models enable the AI to acquire skills like a human, retaining knowledge and applying it to new tasks over time.

?? The company raised $12M in pre-seed funding led by Balderton Capital, with participation from Salesforce Ventures and Shopify Ventures. The funding will be used to further develop Proxy, allowing businesses and individuals to delegate everyday tasks to AI, freeing up time for more important work

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Thanks for reading and have a great weekend everyone! ????