Many VCs express caution, put off not only by eye-watering valuations, but also the huge amount of capital AI groups require as they build ‘foundation models’
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Last week, the Financial Times revealed that Andreessen Horowitz led an investment of more than US$200-million into Character.ai, valuing the chatbot-maker at about US$1-billion. Meanwhile, one-year-old start-up Inflection AI Inc., founded by DeepMind Technologies’ co-founder Mustafa Suleyman and LinkedIn Corp. creator Reid Hoffman, is in talks to raise up to US$675-million, having already raised US$225-million last year.
“Companies are extremely overvalued and the only justifiable investment thesis is to get in incredibly early,” says another veteran investor. “Otherwise you’re only buying in because of FOMO.” AI’s potential has drawn in the likes of Sarah Guo who, a year ago, led the investment into the crypto sector for venture capital firm Greylock Partners, having also been an angel investor into cryptocurrency exchange FTX Trading Ltd.
“If ChatGPT is the iPhone, we’re seeing a lot of calculator apps,” said Christina Melas-Kyriazi, a partner at Bain Capital Ventures LLC. “We’re looking for Uber.”
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