AI startup Nomic raised $17 mn in VC funding led by Coatue

AI startup Nomic has raised $17 million in a new VC funding round from investors led by Coatue, Reuters news report said.
VC funding for techThe investment valued New York-based Nomic AI, a team of four at the time, at $100 million, showing continued interest from VCs to bet on small teams building popular AI products. Contrary Capital and Betaworks Ventures also participated in the round.

Founded in 2022, Nomic has released two products to date, including an open-source AI model, GPT4ALL, which is free to download and could run on devices such as a laptop. It also has a tool called Atlas that allows users to visualize unstructured datasets used to build large language models (LLM).

Nomic said its goal is to boost the visibility of datasets in model training, and democratize access to AI models.

Nomic said its products have been used by over 50,000 developers from companies including Hugging Face. It also has partnerships with MongoDB and Replit.

Coatue has made a series of investments in open-source AI startups, including Stability AI, Hugging Face and Replit.

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