Chai, the leading AI chat entertainment platform, announced a valuation of $205 million after a successful round of funding from prominent angel investors. The profitable company has consistently chosen not to accept external funding, preferring to reinvest all financial gains into further enhancing their proprietary AI products.
Founded in 2020, the company aims to establish a cutting-edge AI platform application that encourages users to explore their creativity and develop meaningful connections with AI, serving as friends and confidants. Fueled by market enthusiasm, the platform rapidly grew to amass a strong user base of 5 million.
William Beauchamp, the CEO and founder of Chai, commented on this news, saying, “Today marks a new era for Chai. With the substantial funds we have raised, we will be able to continue our exponential growth and focus on further training and maturing our AI. Our research team is motivated by the boundless possibilities that AI offers and will continue striving to provide the best experiences for our users.”
The startup will utilize its funding to further expand its ambitious endeavors and concentrate on advancing the previously announced “Original Camel” competition. Leveraging the strength of the AI community, the competition allows engineers, scholars, and students to compete in designing the highest-scoring AI language models, measured by user engagement on the Chai platform. Top-ranking participants will have the chance to win up to one million dollars in prizes.
Beauchamp added, “At Chai, we constantly strive to maintain our leading position in the field of AI, and with the arrival of this new round of funding, we are confident that we are on the right path. Our current focus is to explore new ways to engage and delight our users, as well as leverage the best strengths of the AI community.”