Recipient of Europe's largest ever seed round doesn't even have a product
The French recipient of Europe's largest ever seed round doesn't have a product and was founded four weeks ago. The few employees it has only started work in the last few days.
The clue as to why the Paris-based startup is now valued at €240 million could be as simple as its name. New AI companies in the US inhaledfrom venture capitalists in the first three months of 2023, and with the artificial intelligence bubble centered on the States, Europe has yet to respond in kind.
Presumably these credentials, combined with the promise of a homegrown European AI, are all it takes for investors to part with millions these days."There's a pool of 80 to 100 people globally who have the level of experience they have. Right now, for better or for worse, the capital requirements in compute and top-tier talent make [launching an AI startup] quite a capital-intensive game.
Mensch said:"There is a rising awareness of the fact that this technology is transformative and Europe needs to do something about it, both as a regulator, as a customer and an investor."
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