iGenius secures fresh capital, establishing Italy's first AI Unicorn
Milan, New York – June 11, 2024
iGenius, a deep-tech company established in 2016, aims to raise €650 million in funding.
Known for its groundbreaking AI models tailored for highly regulated industries, iGenius has gained substantial momentum. The company recently launched "Italia", an open-source Foundational Large Language Model (LLM) specifically designed for organizations in Finance and Government.
Angel Capital Management and Eurizon Asset Management are among the first investors to join, propelling iGenius to unicorn status with a valuation exceeding 1 billion dollars. iGenius' AI models prioritize data reliability and security, ensuring their safe use in production environments.
The company's commitment to providing trustworthy and scalable AI solutions has attracted Fortune 500 customers and earned recognition from Gartner as a Cool Vendor in AI Core Technologies.
iGenius boasts an international team operating across North America and Europe, with offices in New York and Milan as its headquarters. The company is investing hundreds of millions of euros to build AI models that organizations can trust and adopt on a large scale.
“Today, we take a giant leap forward with additional capital to drive our AI advancements in regulated sectors. Our goal is to make data human, redefine the future of work, and close the skills gap, empowering individuals and businesses to reach new heights."
Uljan Sharka, CEO of iGenius.
Centralized and closed models are unsuitable for regulated industries because they encode data irreversibly, making it impossible to ensure data integrity and confidentiality once outside organizational control. Sectors like finance and government require stringent data control to meet regulatory compliance and safeguard against breaches.
iGenius’ open-source LLM series, Italia, offers the ideal solution for organizations to maintain full ownership and oversight of their data by hosting and operating the models within their own secure infrastructure. This approach mitigates the risks associated with data transfer and allows auditing, customization, and adaptation to meet specific operational workflows.
iGenius emphasizes the importance of organizations owning the AI models to protect intellectual property and avoid vendor lock-in. Italia, provided under the MIT license, empowers organizations to create their own private virtual brain, enabling every company to turn AI investments into strategic assets.
Read the official press release here.
