AI startup Nomic secures $17M funding for development of open-source GPT-4 alternative

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AI startup Nomic has successfully raised $17 million in a Series A funding round to further develop its open-source alternative to GPT-4, a popular language model. The investment, led by Coatue, values Nomic at approximately $100 million. Other participants included Contrary Capital, Betaworks Ventures, SV Angel, Story Ventures, Factorial Capital, and various angel investors.

Founded last year in New York, Nomic has already launched two products. The first is an open-source large language model called GPT4ALL, which is similar to ChatGPT. This model is free to download and can be run on small devices like laptops. The second product is Atlas, a tool that enables the visualization of unstructured datasets, which can be used to build other large language models.

Nomic emphasizes its commitment to open-source technology in a blog post, expressing concerns about the concentration of language models in the hands of only a few companies with significant access to compute resources. The startup believes that the lack of transparency in how these models work poses a risk of centralized power in generative AI. Its mission is to create a collaborative and open-source ecosystem that ensures accessibility and transparency through freely available code, datasets, documentation, and model weights.

By offering an alternative to proprietary models like GPT-4 and Bard, which require subscription payments, Nomic provides developers with powerful models specialized for their specific use cases. The startup aims to empower users to understand and control the data that goes into these systems.

With over 50,000 developers already utilizing its open-source AI models, Nomic has formed partnerships with MongoDB Inc. and Replit Inc. Today, it announced a new collaboration with Hugging Face Inc., the creator of the Hugging Face Hub, a platform hosting over 100,000 open-source machine learning models. The partnership will involve the joint creation and distribution of interactive data visualizations.

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Nomic intends to allocate its new funding toward hiring for various positions across its team. Additionally, the startup plans to enhance its existing product suite.

By securing significant investment and expanding its partnerships, Nomic is positioned to advance its open-source alternative and promote broader accessibility and understanding in the field of generative AI.

Frequently Asked Questions (FAQs) Related to the Above News

What is Nomic?

Nomic is an AI startup that focuses on developing open-source alternatives to popular language models like GPT-4.

How much funding did Nomic recently secure?

Nomic successfully raised $17 million in a Series A funding round.

Who led the investment in Nomic?

The investment was led by Coatue.

What is Nomic's valuation after the recent funding round?

The recent funding round values Nomic at approximately $100 million.

What are the products that Nomic has already launched?

Nomic has launched two products: GPT4ALL, an open-source large language model, and Atlas, a tool for visualizing unstructured datasets.

What is Nomic's mission?

Nomic aims to create a collaborative and open-source ecosystem for generative AI that ensures accessibility and transparency through freely available code, datasets, documentation, and model weights.

How does Nomic differ from proprietary models like GPT-4 and Bard?

Nomic provides developers with powerful specialized models for their specific use cases and offers them for free, unlike proprietary models that require subscription payments.

Which companies has Nomic partnered with?

Nomic has formed partnerships with MongoDB Inc., Replit Inc., and Hugging Face Inc.

How does Nomic plan to use its funding?

Nomic intends to use its funding to hire for various positions across its team and enhance its existing product suite.

What is Nomic's goal in the field of generative AI?

Nomic aims to promote broader accessibility and understanding in the field of generative AI through its open-source alternative.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Diya Kapoor
Diya Kapoor
Diya is our talented writer and manager for the GPT-4 category. With her keen interest in language models and natural language processing, Diya uncovers the exciting developments surrounding GPT-4. Her articles not only highlight the capabilities of this powerful model but also shed light on its implications across various industries.

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