Coatue-backed Distyl AI founded by Palantir alums, raises $20 million funding round, sources say

Coatue-backed Distyl AI founded by Palantir alums, raises million funding round, sources say

Palantir alums Arjun Prakash, and Derek Ho founded Distyl AI.

Getty Images; Jenny Chang-Rodriguez

Distyl AI develops AI-assisted workflows for enterprise companies.
Palantir alums Arjun Prakash and Derek Ho founded Distyl AI.
The company has a strategic partnership with OpenAI.

Distyl AI, a startup applying generative AI to enterprise workflows, has raised a new Series A funding round of $20 million, Business Insider has learned. The new round values the startup at least $200 million, two sources familiar said.

Existing investor Coatue participated in the funding round, according to two sources familiar.

Founded in 2022, the company raised a $7 million seed round last April, reported VentureBeat. Coatue and Dell Technologies Capital led the round, which also included former GitHub CEO Nat Friedman and Altimeter founder and CEO Brad Gerstner.

Distyl AI and Coatue did not respond to requests for comment.

Distyl AI develops AI-assisted workflows for enterprise. Deploying AI across key enterprise use cases can be difficult, CEO Arjun Prakash told VentureBeat. “These processes often involve multiple stakeholders, diverse data sources, intricate logic systems, various user groups and sophisticated security policies,” he added.

The startup addresses these challenges by designing AI solutions that meet customers’ specific data needs and smoothly integrate them into their existing workflows. Additionally, Distyl AI conducts thorough testing to ensure that AI systems are reliable and scalable.

The company targets Fortune 100 companies in sectors such as consumer packaged goods, retail, insurance, healthcare, and manufacturing, according to its website. Distyl AI also has a strategic partnership with OpenAI for access to its research and infrastructure, VentureBeat reported.

Prakash previously served as the head of solutions at Snorkel AI, a data labeling unicorn. Before that, he spent eight years at Palantir, where he overlapped with Derek Ho, Distyl AI’s cofounder and COO. Other members of the Distyl AI team have previously worked at Apple and Microsoft.

Venture funding is pouring into enterprise AI. Glean AI, for example, raised $260 million at a $4.6 billion valuation co-led by Altimeter Capital and DST Global in September, reported Fortune. Decagon raised $35 million from Accel and Andreessen Horowitz in June to build AI agents for customer support, while Sybill AI raised a $11 million Series A from Greycroft Capital to automate sales reps’ workflows.

Read the original article on Business Insider

This article was originally published by Sri Muppidi at All Content from Business Insider (https://www.businessinsider.com/coatue-backed-distyl-ai-raises-new-funding-round-2024-9).

General Content Disclaimer

The content on this website, including articles generated by artificial intelligence or syndicated from third-party sources, is provided for informational purposes only. We do not own the rights to all images and have not independently verified the accuracy of all information presented. Opinions expressed are those of the original authors and do not necessarily reflect our views. Reader discretion is advised, as some content may contain sensitive, controversial, or unverified information. We are not responsible for user-generated content, technical issues, or the accuracy of external links. Some content may be sponsored or contain affiliate links, which will be identified accordingly. By using this website, you agree to our privacy policy. For concerns, including copyright infringement (DMCA) notices, contact us at info@texasnews.app.