Switzerland-based AI startup Giotto.ai is launching a funding round at a valuation exceeding $1bn to establish itself as a leading European entity in artificial general intelligence (AGI). The company has engaged Lazard to raise over $200m for AI research, commercial prototypes, and open-source technologies.

This funding initiative will gauge investor interest in new European entrants in the AGI landscape dominated by US firms. The European AI sector is gaining momentum for digital independence from US and Chinese influence. Mistral AI, a French company, recently secured €1.7bn with ASML’s support.

Founded in 2017, Giotto.ai, led by CEO Aldo Podesta, has raised $19m and focuses on core research in reasoning models. The company’s proficiency was demonstrated by leading the Kaggle ARC-AGI-2 leaderboard with a 25% score, indicating progress towards developing more advanced AI systems.

Giotto.ai’s approach in Kaggle’s fixed resource track contrasts with major labs using unconstrained platforms like OpenAI, aiming for peak accuracy. The company targets a $1bn valuation in European funding, showcasing its commitment to advancing AI research and development.

Read more at Yahoo Finance: Giotto.ai targets more than $1bn valuation in European funding