An AI-powered search engine developer, Mainfunc Inc, trading as Genspark, has attracted new investment, boosting its valuation. A recent funding round, led by US and Singapore-based investors, has reportedly raised $100 million, valuing the company at $530 million. This represents a significant increase from its valuation in June of the previous year, more than doubling its worth.
Genspark's search engine utilises large language models to process user queries. The company launched last year with an initial $60 million in funding. User numbers have also seen substantial growth, reportedly reaching over 2 million monthly users, a key factor driving the increased valuation. Competitors like Perplexity AI are also seeing substantial investment, highlighting the growing interest in AI-driven search technologies.
Other companies are developing AI to improve search, such as Spinbase, which helps researchers find funding opportunities. Meanwhile, established players like Yandex and emerging startups are leveraging AI to provide more relevant search results and summaries.
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