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AI & Enterprise

Startups race to build in-house AI models as fintech joins in

Startups are accelerating efforts to develop their own AI models rather than rely on those from OpenAI and Anthropic, driven by cost pressures, a desire to cut dependence and a push for greater control. Legal AI startup Harvey launched an in-house model based on Moonshot AI’s open-weight Kimi K3 after its gross margin turned sharply negative. Healthcare, customer support, fintech, coding and design startups are also building or considering custom models.

AI & Enterprise

Personal AI agent Instinct seeks $1 billion funding at $10 billion valuation

Sphere Street Technology, developer of the personal AI assistant service Instinct, is seeking to raise $1 billion at an expected valuation of $10 billion. The Information reported the company is discussing funding led by Sequoia Capital and Benchmark, citing sources familiar with the matter. The report said the fundraising is not final and terms and lead investors could change. Instinct remains invite-only but has topped 100,000 users.

Industry

Musk\'s Boring Company raises $3 billion in UAE-led round, valued at $23 billion

Elon Musk\'s tunnelling company The Boring Company raised $3 billion in a Series D round led by the United Arab Emirates and related investment institutions, valuing it at $23 billion. The valuation is about four times its roughly $5.7 billion value in 2022. The company plans to use the funds to hire staff, expand Loop projects and develop its Prufrock tunnelling machine, with a key focus on building more than 150 km of tunnels in the UAE.