Fireworks AI seeks funding at a valuation of up to $40 billion

October 21 - According to people familiar with the matter, AI infrastructure startup Fireworks AI is seeking a new round of funding at a target valuation of $30 billion to $40 billion. Just a few months ago, the company was valued at $17.5 billion.

The sources said the funding negotiations are still in the early stages, and the target valuation may still change. Unlike companies trying to build ChatGPT competitors, Fireworks AI has chosen a different path: providing enterprises with what it calls "specialized intelligence." Such services use customers' proprietary data, workflows, and specific business needs to customize AI models, making them better suited for enterprise application scenarios.

Fireworks AI said in July this year that its annualized revenue had exceeded $1 billion, processing more than 40 trillion tokens per day, 95% of which came from models customized to customer needs. (Business Insider)