Parag Agrawal, the former chief executive officer of X (previously known as Twitter) until Elon Musk assumed control in late 2022, has reportedly clinched an initial funding of $30 Mn for his new artificial intelligence (AI) startup. Agrawal, who has maintained a low profile since departing from Twitter, is venturing into AI innovation with a focus on large language models (LLMs).
Everything You Need To Know About Agrawal’s AI Startup:
What Does The Startup Do?
Agrawal’s latest venture is dedicated to pioneering software tailored for developers working with large language models (LLMs). These models form the backbone of AI chatbots that are increasingly integrated into our daily lives. While the venture’s name and specific product details remain undisclosed, insiders have indicated its similarity to platforms like OpenAI’s ChatGPT.
Who Backed the Startup?
The funding for Agrawal’s new AI startup was led by Vinod Khosla of Khosla Ventures, an early supporter of OpenAI. The investment round also witnessed participation from venture firms Index Ventures and First Round Capital. However, the detailed specifics of the funding have not been publicly disclosed.
Potential Competitors of the Startup
Agrawal’s entry into the AI realm aligns with a broader trend among tech leaders capitalizing on advancements in this rapidly evolving field. Notably, he joins the ranks of entrepreneurs who are not confining themselves to a single venture.
In recent times, Bhavish Aggarwal, Ola’s founder, launched an AI company, Krutrim, focused on constructing foundational LLMs. Tech giant Google is reportedly planning a $4 Mn investment in Indian conversational AI startup Corover.
Sridhar Vembu, Zoho’s founder, has announced plans for a proprietary LLM with summarization, paraphrasing, and adaptability capabilities. Simultaneously, Tech Mahindra is working on Project Indus, an open-source Indic language-based LLM. AI startups such as Sarvam AI, SoketLabs, and CoRover.ai are actively developing LLM models with a focus on Indic languages.
This development coincides with Elon Musk-led xAI’s expansion of its generative AI-based chatbot Grok AI into India. OpenAI, without an official presence in India, is navigating the country’s policies to venture into the AI space.
The upcoming startup is poised to compete with Krutrim, Corover, Sarvam AI, SoketLabs, OpenAI, xAI, among others.
