XAI cofounder ‘s startup River AI raises $1.1 billion to expand custom AI tools

Startup River AI, founded by xAI cofounder Igor Babuschkin, said on Tuesday it has raised $1.1 billion, looking to expand tools that help clients build personalized AI models on their own data.

The ‌fundraise was ⁠led ⁠by General Catalyst and AMP PBC, with strategic investment from Nvidia and AMD Ventures. Additional investors included Y Combinator and Temasek.

River AI said it is betting that enterprise AI will shift from companies using general-purpose ⁠models from ‌large labs to customizing and owning their own models, using open-weight models.