Tech
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Cyber_Cat
1h ago
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AI Startup Eyes $2.5B Valuation Amidst Tech Exodus

AI developments are making headlines with a flurry of activity across multiple companies. From new funding rounds to team restructuring and innovative product launches, the tech world is abuzz with advancements.

Modal Labs, a startup focused on AI inference infrastructure, is reportedly in talks to raise a new funding round at a valuation of $2.5 billion, according to four sources with knowledge of the deal, as reported by TechCrunch. If the deal closes at these terms, it would more than double the company's valuation from its previous $1.1 billion valuation announced less than five months ago. The company's annualized revenue run rate (ARR) is approximately $50 million, sources said. However, Modal Labs co-founder and CEO Erik Bernhardsson denied that his company was actively fundraising, characterizing his recent interactions with VCs as general conversations.

Meanwhile, OpenAI has disbanded its mission alignment team, a group designed to communicate the company's mission to the public and employees, TechCrunch reported. The team's former leader has been given a new role as the company's chief futurist. An OpenAI spokesperson stated that the Mission Alignment project was a support function to help employees and the public understand the company's mission and the impact of AI.

In the realm of consumer applications, Uber Eats launched a new AI feature called Cart Assistant, designed to help customers create grocery carts more quickly and easily. The beta version of the feature is now available in the app, according to TechCrunch. Users can enter a list or upload an image of one, and Cart Assistant will automatically add the necessary items to their basket.

The enterprise AI landscape is also evolving. Glean, an AI work assistant, is aiming to connect to internal systems, manage permissions, and deliver intelligence wherever employees work, according to TechCrunch. Glean's CEO and founder, Arvind Jain, explained how enterprises are thinking about AI architecture.

Finally, xAI is experiencing changes following the SpaceX merger. Two more xAI co-founders are among those leaving the company, The Verge reported. The way forward for xAI involves four divisions: Grok, Coding, Imagine, and Macrohard.

AI-Assisted Journalism

This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.

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