Reka Raises $50 mn Led By DST Global Partners
Reka, an AI model business formed by former DeepMind engineers, has acquired $50 million in a new round of funding from investors including Yuri Milner’s DST Global Partners and Snowflake, according to the companies.
The deal’s valuation was not disclosed. According to a source familiar with the case, it assessed Reka, which began last year and has yet to generate income, at over $300 million.
Reka specialises in creating big and specialised AI models for commercial clients. Snowflake, which invested in the startup, recently announced a collaboration that will allow users to run third-party model providers such as Reka under their Snowflake account.
The collaborations come as Snowflake competitor Databricks announced the acquisition of MosacicML, an AI model training business, for $1.3 billion on Monday.
Reka will use the funding to acquire computing power from Nvidia, as well as build a business team, according to chief executive Dani Yogatama.
(With inputs from Shikha Singh)
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