Flapping Airplanes raises 10 billion SEK in funding round

The one-year-old startup Flapping Airplanes has attracted significant investor interest in Silicon Valley due to a notable founding team and a vision to train large AI models with less data. On Wednesday, the company announced it has raised 1 billion dollars, approximately 9.9 billion SEK, in a Series A funding round with Index and Lux as lead investors.

This funding round values the company at 6 billion dollars, about 59.6 billion SEK. Just nine months ago, the company's seed round raised 1.8 billion SEK, with a valuation of 14.9 billion SEK. The valuation has now quadrupled. The company's technology is based on a so-called megakernel framework designed to manage training, inference, and other computations in parallel, allowing graphics processors to operate more efficiently.

The funds will be allocated to hiring more employees. Breakit reported the story.