webAI – an AI-based development platform that provides enterprises with localized AI infrastructure and offers a superior solution to existing cloud-based models – announced two milestones.
webAI announced the completion of its Series A funding round at a valuation of $700 million. And the additional funding brings webAI’s total capital raised to $60 million since inception. The investment will accelerate webAI’s mission to democratize AI access and drive innovation in the distributed AI field, giving enterprises a secure alternative to cloud-based AI providers.
The company also announced the appointment of three technology industry veterans to its board of directors. They bring a wealth of industry experience to webAI and demonstrate the growing excitement about the company’s innovative approach to AI. And their knowledge, judgment, and expertise will help guide the company in its mission to change AI fundamentally. Joining webAI’s board of directors include:
1.) Michael Abbott: Stanford University Computer Science Professor, Former VP of Engineering of Apple Cloud Services, and GP at Kleiner Perkins
2.) David Beirne: Founder of X10 Capital and former General Partner at Benchmark Capital
3.) Dennis Durkin: Former CFO at Activision Blizzard and former CFO and COO at Xbox
webAI has created technology that runs powerful AI on users’ local devices – a breakthrough for the industry historically relying on large cloud-based models. And this approach enables users to work with sophisticated AI models without sending data to the cloud. The company’s approach is also changing the economics of AI deployment, leading to drastically lower computing costs, fundamentally reimagining how AI can be used and accessed.
Leading enterprises in sectors ranging from retail to logistics to aviation are already utilizing webAI’s local models to enhance operational efficiency. From monitoring retail traffic to optimizing logistics workflows and improving airport gate performance, webAI’s solutions are helping businesses achieve new precision and performance levels.
KEY QUOTES:
“When I first saw webAI’s platform in action, I was truly amazed. The way it simplifies the complexity of AI deployment and training is nothing short of revolutionary. I believe this technology is going to fundamentally change how companies approach AI, making it more accessible and efficient for everyone. I’m thrilled to join the board and support webAI’s mission to democratize AI and drive innovation forward.”
-webAI board member Michael Abbott
“This funding marks a significant milestone for webAI as we continue to lead the charge towards a more decentralized and democratized AI world. We are well-positioned to provide enterprises with an alternative to centralized AI solutions and enable them to harness the power of private models that are customized for their unique needs.”
-webAI Co-founder and CEO David Stout
“We’re at an AI inflection point – the decisions made today around how AI is run and managed will have huge long-term impact on data ownership, privacy, energy consumption, and cost. David Stout is an exceptional and visionary leader; webAI is offering a much-needed alternative to incumbent AI companies. David and his team have built a more sustainable and secure approach to AI – one that is being cheered by customers and will benefit society at large.”
-webAI Chairman David Shuman
