PIN AI gets $10 mln in Andreessen Horowitz-backed funding

PIN AI GETS $10 MLN IN ANDREESSEN HOROWITZ-BACKED FUNDING

PIN AI, a startup developing an artificial intelligence operating system to challenge the likes of Apple, has raised $10 million in a pre-seed funding round with participation from venture capital giant Andreessen Horowitz.

The moves underscore Silicon Valley's unwavering fascination with the AI industry despite some jitters in the public markets. Investors are also showing enthusiasm for a wide range of startups, beyond heavyweights like OpenAI, Apple AAPL and Meta META.

"Our platform empowers users to monetize and control their own data, offering them the benefits that major tech giants like Apple previously dominated," said PIN AI's co-founder Davide Crapis in a statement on Monday.

The company is developing a platform to turn smartphones into AI personal assistants, which can allow users to perform tasks across apps without opening each.

Such integration of AI into smartphones could make it easier for users to shop, order food, manage their investments or perform other activities on their mobile devices.

Apple unveiled a similar technology in June, called "Apple Intelligence." While the behemoth's technology will only be available on its own devices, PIN AI aims to cast a wider net, it said. It will be available on lower-end smartphones, it said.

Besides Andreessen, over a dozen investors participated in PIN AI's round. It will use the capital for hiring, expanding its research and development efforts and accelerating the timeline to deploy its products in the market.

The company has a partnership with Sam Altman's crypto project Worldcoin. Altman also leads OpenAI, the company behind the viral chatbot ChatGPT.

PIN AI will also join Andreessen's crypto startup accelerator this year. Startup accelerators provide guidance and support for early-stage companies.

On average, participants in accelerator programs are 3.4% more likely to raise venture capital, according to a study published in January by Valentina Assenova and Raphael Amit, professors at University of Pennsylvania's Wharton School.

(Niket Nishant)

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