General Intuition in talks to raise funds at a $6 billion valuation — TechCrunch
New York startup General Intuition is in talks for a new funding round at a $6 billion pre-money valuation. Potential new investors include Valor Equity Partners, Point72 Ventures and Seven Seven Six, TechCrunch reports, citing sources familiar with the negotiations.
Investor participation
Existing investors in the company, including Khosla Ventures and General Catalyst, are also participating in the round. General Intuition is still finalizing the deal. According to a source close to the deal, the round is oversubscribed, and the startup continues to receive interest from investors.
The company plans to use the funds raised to improve its foundational model, with an emphasis on robotics applications. The startup also intends to spend more on computing infrastructure and hire specialists. General Intuition has a partnership with CoreWeave.
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Data from a gaming platform
Chief Executive Officer Pim de Witte spun General Intuition out of his gaming clip-sharing platform Medal in October last year. The initial dataset for development consisted of hundreds of millions of hours of gameplay and “action labels” — records of which buttons a player pressed and when.
Just a few weeks earlier, the company raised $320 million at a $2.3 billion valuation. Investor Vinod Khosla told TechCrunch that such action labels could be important for developing models’ ability to generalize to tasks on which they were not directly trained.
Valor Equity Partners is known, among other things, for its investments in SpaceX. TechCrunch contacted the fund to confirm its participation in General Intuition’s round.
