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You.com startup sets sights on the AI assistants market in latest funding round

Jun 17, 2024 - fastcompany.com
The startup behind You.com is reportedly raising $50 million in a Series B funding round, which would value the company, SuSea Inc, between $700 million and $900 million. The funding comes as the company transitions its AI-infused search engine into an AI assistant, focusing on productivity and internet search, in response to competition from Microsoft and Google's AI chatbots. Despite a decrease in app downloads and web traffic, You.com's sales are reportedly increasing, with its annual recurring revenue growing five times since January.

Venture capital firm Georgian is leading the fundraising, with additional capital provided by previous backers of You.com. The company charges $15 per month for its premium consumer subscription, providing access to top AI models and other productivity tools. The market for AI assistants is becoming increasingly crowded, with big names like Google, Microsoft, OpenAI, and Apple pushing new agent-like capabilities for their users.

Key takeaways:

  • You.com, a startup by SuSea Inc, is raising $50 million in fresh capital, potentially valuing the company between $700 million and $900 million.
  • Despite a decrease in app downloads and web traffic, You.com's sales are reportedly on the rise with its annual recurring revenue growing five times since January.
  • You.com has transitioned into an AI assistant focusing on productivity and internet search, competing with big names like Google, Microsoft, OpenAI, and Apple in the AI assistant market.
  • The fundraising effort is being led by venture capital firm Georgian, with contributions also coming from previous backers of You.com.
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