Wipro founder-chairman Azim Premji’s investment firm Premji Invest is expected to invest $50 million in Paris-based generative AI startup Poolside.ai. This deal continues the startup’s $350 million funding round, which seeks to help it grow and develop more advanced solutions in the constantly advancing AI industry.
Poolside.ai, Generative AI Boom
Poolside.ai, launched in April 2023 by Jason Warner and Eiso Kant, promises too much for many. They train a large language model (LLM) tuned for software development. Poolside’s LLM, accomplishing millions of tasks in tens of thousands of actual software projects, hopes to disrupt how developers create software. Poolside’s AI helps developers develop software by increasing work rate and effectiveness. The startup will focus on empowering everyone to create software using artificial intelligence supported by a human interface. Poolside has ambitions of generalizing these capabilities across domains, thereby affecting a range of disciplines.
Premji Invest’s Strategic Bets
This investment is not the first time that Premji Invest has invested in the AI space, either. Notably, the firm has invested in Canva and Hippocratic AI. Canva, an Australian graphic design firm, received funding, including secondary funding, for the growing creator economy. In contrast, Hippocratic AI emphasizes voice-enabled generative AI agents for healthcare while boosting patient interaction and procedures.
Paris, A Hotbed for AI Innovation
Poolside.ai has become part of Paris-based fundamental model new companies. Mistral and H are some of the other examples of people who have raised large amounts of money. This rise of AI in the French capital is a phenomenon that is gaining global attention and investment.
Founders of Poolside.ai
Poolside.ai was launched in April 2023 by its co-founders, Jason Warner and Eiso Kant. Jason Warner, the former GitHub CTO, has proven software development and technology management expertise. He also partnered at Redpoint Ventures, a venture capital firm. Jason is well-versed in open-source communities, software development tools, and cloud architectures. His vision for Poolside.ai is centered on promoting AI in software engineering.
Poolside was co-founded by Eiso Kant, who is a serial entrepreneur in his own right. Undefined Before this venture, Eiso founded Athenian in 2019, a company that offers analytics for software development. He also led source{d} (2016), one of the earliest companies in the world to utilize AI in codes. Eiso’s influence in Poolside stems from his entrepreneurial mind and technical background. Combined, Jason and Eiso are operating Poolside.ai’s goal is to build the world’s best AI for software development, and this AI will be positive and bring abundance to the human world.
Other Startups backed by Premji Invest
Premji Invest has been making strategic investments in startups of different sectors in recent years. A wealth tech startup, Dezerv, has recently closed a $32M funding round, mainly backed by Premji Invest. The business centers on emerging middle-class investments competing with traditional wealth management firms. This D2C startup received a Series B funding of Rs 177 crore with the participation of Premji Invest.
This company is focused on sleep-related products and strives to offer comfortable mattresses and sleep products. A domestic VC fund focused on Indian startups, Xeed Ventures is backed by Premji Invest. It has invested in such firms as Charcoal.inc and Kredit.pe, handled by Sailesh Tulshan. These are bets that Premji Invest has made across sectors from Artificial Intelligence to consumer-facing businesses.
Conclusion
Premji Invest’s investment in Poolside.ai highlights the trend toward generative AI and its relevance to software development. As the start-up goes on to seek more funds and take its business to the next level, the AI stakeholders await the change that this innovation will bring.
