The AI conversation entertainment platform Chai, which received a quick round of funding from several influential angel investors, revealed a $205 million valuation. The prosperous business has traditionally been reluctant to take outside finance, preferring to put all profits back into developing its own proprietary AI products.
The business was established in 2020 with the intention of launching a cutting-edge AI platform app that would inspire people to express their creativity and forge deep ties with the AI that serves as a confidant and friend. The site swiftly increased to 5 million users thanks to the market’s enthusiasm.
William Beauchamp, the company’s founder and CEO, commented on the announcement by saying, “Today ushers in a new era for Chai. We have raised a large sum of money that will enable us to maintain our exponential development and concentrate on further developing and training our AI. Our research team will be able to continue working on giving users the finest experience possible because they are all inspired by the seemingly endless possibilities that our AI offers.
The firm will put its newfound resources to use expanding its ambitious goals and intensifying its earlier this year announced Guanaco competition. In order to develop the AI language model that receives the greatest score based on user engagement on the Chai platform, engineers, academics, and students compete in the competition, leveraging the expertise of the AI community. Top-ranking participants will get awards of up to $1 million USD.
With this latest round of funding, Beauchamp continued, “We at Chai constantly strive to stay at the forefront of the artificial intelligence field, and we’re for sure on the right track.” Right now, “our focus is on experimenting with new ways to engage and delight our users, as well as leveraging the best of the AI community.”
