AI model maker Domyn raises over $1bn
Italian AI model company Domyn has raised $1.1bn in debt and equity funding over the past two years. The funding comprises 10% equity and 90% debt.
Domyn, an Italian company developing large language models (LLMs), has secured $1.1 billion in funding over the last two years, according to founder and CEO Uljan Sharka. The capital injection is composed of 10% equity and 90% debt.
LLMs are a core component of artificial intelligence, and Domyn's work places it in direct competition with major US tech firms such as OpenAI and Google in this rapidly growing market. The company's technology is used to build AI models trained on vast datasets.
Domyn has previously attracted significant investment, including a $26 million round led by Andreessen Horowitz in 2023, which valued the startup at $4 billion. Other notable investors include Atomico, SV Angel, and Databricks Ventures.
CEO Uljan Sharka indicated in a recent interview that Domyn is "a few quarters away" from reaching $1 billion in annual recurring revenue (ARR). He also stated that the company plans to expand its operations into North America, aiming to secure more customers in the region.