Ex-OpenAI researcher wants to raise $15M for new AI start-up
What's the story
Shyamal Hitesh Anadkat, a former OpenAI researcher, is in talks to raise around $15 million for his new artificial intelligence (AI) start-up Empirical Machines, as per Moneycontrol. The funding round is being negotiated with Peak XV Partners and Bessemer Venture Partners at a valuation of around $80 million. This would be the start-up's first institutional fundraise.
Start-up focus
Empirical Machines aims to accelerate scientific discovery
Empirical Machines, the brainchild of Anadkat, is focused on speeding up scientific discovery.
The start-up's work includes applications related to chemical compounds.
Before founding Empirical Machines, Anadkat worked at OpenAI for nearly four years in Applied AI.
He was also the Head of Startup Solutions at OpenAI, where he collaborated with start-ups leveraging the company's AI technology.
Funding trend
Investor interest in Indian AI start-ups on the rise
The talks for Empirical Machines's fundraise come as investor interest in Indian AI start-ups is on the rise after a period of caution.
Other Indian AI start-ups such as MStack AI and Simplismart are also in the process of raising capital.
The renewed interest comes after a cautious funding environment over the last couple of years, when investors were trying to separate tech-savvy companies from those merely building applications on third-party foundation models.
VC interest
Venture capital funds seeking dedicated exposure to AI
The growing investor interest in AI is also being seen among venture capital funds looking to gain dedicated exposure to this sector.
Together Fund, an AI-focused VC fund launched by Freshworks founder Girish Mathrubootham, is in talks to raise $150-170 million for its third fund.
Activate has also raised $105 million for its new fund, surpassing its initial target of $75 million.