Sphere Street Technology, the developer of the personal AI assistant service Instinct, is seeking to raise $1 billion in funding. Its expected valuation is $10 billion.
The Information recently reported, citing sources familiar with the matter, that Sphere Street is discussing the fundraising under the lead of Sequoia Capital and Benchmark.
The Information said the fundraising has not been finalised, and the terms and lead investors could change.
The valuation Sphere Street is targeting in this fundraising is sharply higher than in its previous funding round. It is much higher. Sphere raised $250 million in August and was valued at about $2.25 billion.
Instinct was first released earlier this year to only some users. When a user sends a text message, Instinct can handle tasks such as replying to the message and booking dinner reservations. It still requires an invitation to use, but as access expands, the number of users has surpassed 100,000, The Information reported, citing one source.
Chi-gyu Hwang
delight@d-today.co.kr