July 13 (Reuters) - AI startup Nomic has raised $17 million in a new funding round from investors led by Coatue, the companies told Reuters.
The investment valued New York-based Nomic AI, a team of four at the time, at $100 million, showing continued interest from VCs to bet on small teams building popular AI products.
Founded in 2022, Nomic has released two products to date, including an open-source AI model, GPT4ALL, which is free to download and could run on devices such as a laptop.
Nomic said its goal is to boost the visibility of datasets in model training, and democratize access to AI models.
Coatue has made a series investment in open-source AI startups, including Stability AI, Hugging Face and Replit.
Persons:
Coatue, Nomic, Andriy Mulyar, GPT, Viswanath, Krystal Hu, Lincoln
Organizations:
Reuters, Betaworks Ventures, Google, Thomson
Locations:
York, New York