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You.com reportedly seeks to raise £39.3M with goal of boosting AI assistants

Written by Thu 20 Jun 2024

Image of an AI assistant

The California-based parent company behind you.com is reported to be raising £39.3 million ($50 million) in new capital, to gain a presence in the artificial intelligence (AI) assistants space.

SuSea Inc, the owner of you.com, are looking for this Series B funding amid an increasingly competitive AI market, according to a Reuters report.

While more than one billion queries have been answered by the AI firm since it was founded, the increasing incorporation of AI into leading search engines, like Bing and Google, have caused growth issues.

You.com peaked in February of last year with 20 million users, falling to 11 million this May. App downloads have also shrunk by 69% so far in 2024, compared to the same period last year.

In late 2022, you.com shifted from being a simple search engine and transformed into a generative AI (GenAI) assistant.

Founder and CEO of you.com, Richard Socher, said at the time that in under a year the company has ‘completely transformed’ how people find information online and have continued to see record traffic and query volume as an AI assistant.

“We also took our popular consumer-facing LLM with web access and created an API with these capabilities so every chatbot and LLM can have the means to retrieve real-time information through web search,” said Richard Socher.

After the Series B funding completion, SuSea Inc is expected to be valued between £551.1 million ($700 million) to £708.4 ($900 million).

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Written by Thu 20 Jun 2024

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