An AI startup called Harmonic has raised a total of $120 million as part of a series C funding round, as per a Reuters report. The new funding round gives the company a valuation of $1.45 billion.
The money raised is expected to be used for securing the necessary computing capacity to power its models—a search that currently plagues U.S. tech heavyweights who are looking for infrastructure to power their own innovations in AI.
The update comes amid a swell in the number of startups seeking funding and getting it, with valuations that have been questioned by analysts and groups in terms of size.
Notable instances of AI startups securing significant amounts of investment this year include Luma AI, Mistral AI, and FuriosaAI
Harmonic drew significant attention from investors when it won at an international math olympiad alongside OpenAI and Google.
The firm was founded in 2023 and says it has an AI model that is capable of super-reasoning and solving complex math problems without the issue of hallucinations.
A hallucination is a common issue in AI where trained models give incorrect information to user queries, and it is most prominent in generative AI.