AI startup ASI raises $325 million at $3 billion valuation
Boston-based AI startup ASI raised $325 million in a Series C round valuing it at $3 billion, targeting software for physical systems such as power grids and air traffic.
AI startup ASI raises $325 million at $3 billion valuation
Artificial intelligence startup ASI has raised $325 million in a Series C round that values the Boston company at $3 billion. Spark Capital led the financing, with participation from affiliates of Citadel Securities, Meritech Capital and Craft Ventures, among others.
ASI develops simulation and monitoring software for operators of complex physical systems. Its tools are designed to forecast disruptions hours, days or weeks ahead across areas including air traffic, power grids and military operations. That focus distinguishes the company from generative-AI businesses built primarily around text and software assistants.
Contracts put the valuation in context
ASI said it will use the proceeds to expand deployments in energy, logistics and military settings and add research and engineering staff in Boston. The company secured a five-year, $99 million US Army contract in October and a 12-year, $875 million Federal Aviation Administration contract in June. Those awards are contract ceilings or commitments described by the company and do not by themselves establish revenue already recognised. They do, however, show why investors are looking for AI applications that can control or safeguard real-world assets.
Image: REUTERS/Dado Ruvic/Illustration/File Photo.
Sources
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