Articul8, an AI company from Intel, has raised over half of its $70M funding round, valuing it at $500M as it targets regulated industries.
The funding round is split into two parts. The first part is led by Adara Ventures from Spain. Subramaniyan did not share the exact amount raised yet, but he expects to finish the funding by the first quarter of this year. Articul8’s valuation has grown from $100 million in January 2024 to this current round.
Articul8 has signed contracts worth over $90 million with 29 paying customers, including large names like Hitachi Energy and AWS. Subramaniyan said that they are not rushing to get more money. They are doing well and have many large contracts lined up.
He anticipates the company to end the year with a little more than $57 million in yearly income. A large part of that has already been confirmed. Articul8 makes AI systems that work in the customers’ own computers, not just on shared models. They create specific software applications and tools for businesses that need accuracy and audits.
Subramaniyan mentioned that their competition is big, especially with cloud service providers. He believes their specialized focus helps customers achieve better and more predictable results. Articul8 plans to use the funding mainly to grow their research, product development, and to expand in Europe and Asia.
Adara Ventures will help push their plans to grow in Europe. They are also looking to work more in Japan and South Korea. Other companies, like Aditya Birla Ventures from India, are part of the funding too. Articul8 has 75 employees, mostly working on research and development, and has teams in the U.S., Brazil, and India.