Deepset, an AI startup that helps companies build apps with LLMs, just raised $30 million with this 12-slide pitch deck
Summary
The company wants to expand its Haystack product and grow its presence in the US.German AI startup Deepset has raised $30 million in a round led by Revolut investor Balderton Capital.The Berlin-based company, founded in 2018, offers enterprise developer tools to businesses like Airbus and Siemens to build applications with LLMs. AI startups raised $25 billion in the opening half of the year against a backdrop of falling VC investment, Crunchbase data shows. "We definitely had a lot of tailwinds from the increased interest in AI," Deepset CEO Milos Rusic told Insider. "Deepsets Haystack framework, launched in 2019, is an open-source technology that enables developers to build a wide range of applications, allowing companies like law firms to embed LLMs into their systems to find precedents, regulations, templates, and cross-reference data, for example.The startups $30 million in new funding was led by Balderton Capital and includes participation from existing investors GV and Harpoon Ventures. This latest funding round takes the company to $46 million raised to date.Funding will go towards scaling out Haystack and its cloud operations, particularly in the US.