Essential AI, a San Francisco-based company, has raised $56.5 million in a Series A funding round led by March Capital. Other notable participants in the funding round include AMD, Franklin Venture Partners, Google, KB Investment, NVIDIA, and Thrive Capital. The company had previously raised $8.3 million in a seed funding round led by Thrive Capital.
Essential AI, founded in 2023, is focused on enhancing the collaboration between humans and computers, aiming to unlock collaborative capabilities that surpass what can be achieved by humans alone. The company aims to reinvent how enterprises operate by developing full-stack AI products that quickly learn to increase productivity by automating time-consuming and monotonous workflows.
The co-founders of Essential AI, Ashish Vaswani and Niki Parmar, were previously collaborators at Google and co-creators of the revolutionary Transformer architecture, which serves as the foundation for many advancements in AI. Essential AI’s products leverage large language models (LLMs) to empower users to solve progressively challenging tasks and enhance organizations’ impact on society.
The Series A funding will enable Essential AI to build a world-class, multi-disciplinary team comprising engineers, researchers, designers, and sales and product experts. The company aims to address real-world AI challenges and tap into a significant market opportunity.
Jamie Montgomery, Co-Founder and Managing Partner of March Capital, expressed excitement about investing in Essential AI and highlighted the company’s role in driving innovation at the intersection of enterprise adoption of AI and the emergence of enterprise-grade LLMs. The funding will support Essential AI’s growth as it continues to develop and expand its solutions.