● Covered by 1 source · 1 reportMedium impact1 neutral
AI startup Instinct raises $250 million Series B, valuing company at $2.5 billion
Key points
- Instinct raised $250 million in Series B funding.
- Total funding for Instinct is now $350 million.
- The company's valuation reached $2.5 billion.
- Index Ventures and Benchmark co-led the funding round.
Funding Details
Instinct, an AI assistant startup, announced it has raised $250 million in a Series B funding round. This new investment brings the company's total funding to $350 million and establishes a valuation of $2.5 billion. The round was co-led by venture capital firms Index Ventures and Benchmark.
Product Overview
Instinct, offered by Spear Street Technology and founded by Noah Shinn, is an AI agent designed to organize users' lives. It connects to various apps and devices, allowing users to interact with it via text and calls. Examples of its use include planning road trips, managing groceries, buying tickets, and canceling subscriptions.
Market Context and Concerns
The significant funding and valuation reflect strong investor enthusiasm for AI startups. However, Instinct, currently in private beta, has also faced scrutiny regarding privacy concerns. Users have expressed worries about the extensive permissions required by the app and the potentially invasive nature of its terms of use.
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Reporting from
Instinct, an AI assistant startup, secured $250 million in Series B funding, bringing its total funding to $350 million and its valuation to $2.5 billion. This funding round, co-led by Index Ventures and Benchmark, highlights continued investor interest in AI technologies despite some user privacy concerns.