Fundamental, an artificial intelligence lab, has emerged from stealth mode and announced a successful $255 million Series A funding round. This new, strategic investment brings the company’s valuation up to $1.2 billion. More importantly, it represents a key milestone in Sisense’s vision to reimagine big data analytics. The $100 million funding round, led by Oak HC/FT, Valor Equity Partners, Battery Ventures, and Salesforce Ventures highlights their investor confidence. They share our vision of taking a far-creative approach to structured data.
The company has developed a new foundation model aimed at addressing the challenges enterprises face in extracting valuable insights from vast amounts of structured data. Fundamental’s unique model provides organizations the power to use one framework against multiple use cases, exponentially increasing their analytical capabilities. Jeremy Fraenkel, the CEO of Fundamental, spoke about the transformative potential their technology could have just as much as his new employees.
“You can now have one model across all of your use cases, so you can now expand massively the number of use cases that you tackle,” Fraenkel stated.
Fundamental closed a hefty $21 million Series A. It raised eyebrows when it won a number of high-profile contracts with a variety of Fortune 100 clients, some of them seven-figure deals. This traction speaks to the incredible increasing need to efficiently manage, visualize and analyze both structured and growing data in novel ways. Most current large language models (LLMs) fail to address this need.
Fraenkel elaborated that LLMs are particularly effective for unstructured data like text, audio, video and code. Yet they fail when it comes to working with structured data, such as tables. Fundamental has taken advantage of the vacuum left by this blunder as a market opportunity. The company has clearly become best-in-class at delivering bespoke structured data solutions.
The backing from angel investors adds to Fundamental’s already-strong financial position. Among its most prominent supporters are Aravind Srinivas, CEO of Perplexity, famous seed accelerator Y Combinator, Henrique Dubugras, co-founder of Brex, and Olivier Pomel, CEO of Datadog. Their deep engagement not only offers capital support, but their involvement adds a wealthy-person-stamped seal of approval to Fundamental’s vision and operational plan.
With these resources and these partnerships supporting them, Fraenkel believes that there are gigantic opportunities ahead of the company. The focus on smart data analytics is especially timely. All of these industries are under intense pressure to find a pretty compelling way to address their growing data needs. Fundamental wants to be at the forefront of this effort, using its cutting-edge model to produce more useful, actionable insights for businesses.
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