Aleph Alpha, a developer of generative artificial intelligence (GenAI) in Germany, completed its Series B financing round, raising more than $500m. Based in Heidelberg, Aleph Alpha stands as a major European player in the realm of AI.
Aleph Alpha also secured several new investors, including Christ&Company Consulting based in Berlin, Hewlett Packard Enterprise, SAP, and Burda Principal Investments.
The capital will be used to develop AI products for both the business and government sectors.
The investment provides a foundation for Aleph Alpha to advance its proprietary AI research and expedite the development and commercialisation of GenAI solutions, particularly in complex and data-sensitive sectors such as healthcare, finance, law, government, and security. Furthermore, Aleph Alpha will continue to nurture key academic partnerships and open-source initiatives.
“The ongoing developments will extend interfaces and customization options tailored to business-critical requirements,” Jonas Andrulis, CEO and founder of Aleph Alpha, stated.
The value of AI deals plummeted to $72.9bn in 2022, a dramatic drop from $127.2bn in 2021, according to research firm GlobalData.
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Investment in AI had been on a mostly upward trajectory for the past decade. In 2013, deals in AI totalled just $1.6bn.
Dr. Tanja Rückert, chief digital officer of Robert Bosch, highlighted the importance of developing GenAI, stating: “Actively developing Generative AI will be crucial for Europe’s technological sovereignty.”
In June 2023, the European Parliament voted on the EU AI Act, the first EU regulatory framework for AI, to consolidate its position ahead of talks with EU member states. There were 499 votes in favour, 28 against, and 93 abstentions.
Many of the EU’s largest companies wrote a letter warning the European Commission that the drafted legislation “would jeopardise Europe’s competitiveness and technological sovereignty without effectively tackling the challenges we are and will be facing.” More than 150 executives from companies including Renault, Heineken, Siemens, and Airbus signed the letter.