Open-source AI model creator Nomic raises $17 million led by Coatue

FILE PHOTO: AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - AI startup Nomic has raised $17 million in a new funding round from investors led by Coatue, the companies told Reuters.

The investment valued New York-based Nomic AI, a team of four at the time, at $100 million, showing continued interest from VCs to bet on small teams building popular AI products. Contrary Capital and Betaworks Ventures also participated in the round.