🚀 AI Company Recogni Ventures into New Territory
posted 20 Feb 2024
American company Recogni, renowned for developing technologies for autonomous vehicles, has raised $102 million in funding to venture into the creation of chips for generative AI. The investment round featured contributions from entities such as Celesta Capital, HSBC Holdings, and business figures from Saudi Arabia — Tasaru Mobility Investments.
The new capital will be directed towards the production of a chip called Scorpio, which is aimed at accelerating the prediction capabilities of language models on new data. According to Recogni representatives, this chip is significantly more energy-efficient and faster compared to most existing alternatives by other manufacturers.
This innovation has notably enabled the company to sidestep financial difficulties, especially as investments in autonomous vehicles have plummeted nearly tenfold in the past two years. Recogni plans to leverage the architecture of this chip in the future to enhance a variety of automotive and autonomous mobility.
The path to market is much quicker for generative AI,said Recogni CEO Marc Bolitho.
Despite these ambitious statements, the leadership has refrained from providing an estimate of the company's valuation. Moreover, despite the heightened focus on this new venture amidst a general downturn in investments and societal challenges, Recogni is not scaling back its efforts in developing technologies for autonomous vehicles.
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