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MISCELLANEOUS July 1, 2023
Michelai Graham
Michelai Graham

Web3 & Tech VC Roundup: Inflection AI Raises $1.3B from Microsoft and Nvidia

Last Updated: July 5, 2023
Boardroom’s latest rundown on venture capital at the cutting edge includes deals from Typeface, Mythical Games, Scriptic, and more.

California-based Inflection AI recently announced the closed of a $1.3 billion funding round led by Microsoft, Nvidia, Bill Gates, Reid Hoffman, and Eric Schmidt.

Launched in early 2022, Inflection AI has raised $1.525 billion in venture capital to date to make personal AI platforms available to every person in the world. The artificial intelligence studio partners with cloud provider CoreWeave and Nvidia, a longtime leading chipmaker, to develop AI tools and offerings, including Pi, Inflection AI’s flagship personal AI product powered by generative AI that it launched in May.

“Personal AI is going to be the most transformational tool of our lifetimes, Inflection AI Co-founder and CEO Mustafa Suleyman said in a press release. “This is truly an inflection point.”

Inflection AI’s Pi product was designed to be a friendly counterpart for curious users looking for helpful information and advice. The platform operates via text and voice conversations, and people can talk to Pi via the web, mobile, WhatsApp, Instagram, and on Facebook Messenger. Inflection AI plans to use its fresh funding to further build out Pi and more offerings.

Here’s the download on top Web3 and Tech VC deals announced recently.

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Typeface: $100M for Content Creation Powered By Generative AI

Typeface, a generative AI platform for enterprise content creation, closed an oversubscribed $100 million Series B round led by Salesforce Ventures.

The round included additional investments from Lightspeed Venture Partners, Madrona, Google Ventures, Menlo Ventures, and M12, Microsoft’s Venture Fund. Typeface has raised $165 million in VC to date at a $1 billion valuation.

“To make generative AI truly effective in an enterprise environment, it is essential to have a robust solution and a highly experienced team that understands the specific challenges faced by businesses,” John Somorjai, Chief Corporate Development and Investment Officer at Salesforce, said in a statement. “Typeface represents best-in-class enterprise generative AI with its unique focus on brand personalization, IP ownership, and seamless integration into existing workflows. We are thrilled to invest in Typeface’s talented team and their exceptional vision.”

Typeface publicly launched its products in February and plans to extend its reach through new partnerships with Salesforce and Google Cloud. The company’s AI tech can help personalize content at scale across various departments, including HR, sales, and marketing. Typeface recently launched new features, including video-to-text conversation, selective image editing, and an image studio for high-resolution product photography.

Mythical Games: $37M

Gaming studio Mythical Games raised $37 million as part of its Series C1 funding round, with $20 million to $30 million in funding expected to come through later this year to close the round. Scytale Digital led Mythical Games’ new investment round with participation from ARK Invest, Animoca Brands, PROOF, Stanford Athletics, MoonPay, Andreessen Horowitz, Gaingels, Signum Growth, Struck Capital, and WestCap.

The new funding comes after Mythical launched its Web3-powered NFL Rivals game on mobile in April. The game developer will use its new funding to continue building the Mythical platform’s infrastructure, reach profitability, and scale its gaming development.

More Notable Investments

  • Storytelling platform Scriptic secured $5.7 million to expand its phone-first generative AI tools, games, and content.
  • Runway, a developer of generative AI tools for content creators, closed a $141 million Series C extension with investments from Google, Salesforce, Nvidia, and others.
  • Austria-based One Trading closed a $33 million funding round to expand its offerings for retail and institutional investors who use its crypto exchange.
  • CalypsoAI, a developer of AI app testing tools, raised $23 million to extend its offerings to cover generative AI platforms.
  • Startale Labs secured $3.5 million to build a global infrastructure for mass Web3 adoption.
  • AI-powered crypto search engine Kaito closed a $5.3 million seed round led by Dragonfly Capital, with participation from Sequoia Capital China, Alpha Lab Capital, and others.

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