On Thursday, l Fundamental, an AI-native lab, launched out of stealth. They shared the news of their innovative foundation model to transform how enterprises analyze huge volumes of structured data at lightning speed. The startup has quickly made a name for itself, winning millions of dollars in high-profile contracts including seven-figure deals with Fortune 100 companies.
Fundamental’s new model addresses the real world challenges organizations face when trying to gain insights from large, complex structured datasets. Most critically, it promises to make this often cumbersome process much more efficient. The company received a substantial boost in funding, raising $225 million in its Series A financing round, which now totals $255 million. High-profile investors including Oak HC/FT, Valor Equity Partners, Battery Ventures and Salesforce Ventures co-led this funding round. Hetz Ventures participated with further participation.
As Fundamental’s incredible rise makes the entire industry take notice, their story isn’t over yet. The company’s CEO, Jeremy Fraenkel, highlighted the versatility of their foundation model, stating, “You can now have one model across all of your use cases, so you can now expand massively the number of use cases that you tackle.”
Fundamental has closed angel funding from a deep bench of DC luminaries. Among others, it is backed by Aravind Srinivas, CEO, Perplexity, Henrique Dubugras, co-founder, Brex, and Olivier Pomel, CEO, Datadog. This broad support is a testament to the confidence industry leaders have in Fundamental’s vision and potential.
Fraenkel further elaborated on the unique capabilities of their model, noting, “While LLMs have been great at working with unstructured data, like text, audio, video, and code, they don’t work well with structured data like tables.” This recognition highlights Fundamental’s ongoing efforts to address what we see as one of the most important gaps in data analysis today.
Thanks to its successful funding round, high-profile and complementary strategic partnerships, and rapidly scaling user growth, Fundamental has reached a $1.2 billion valuation. The firm is set to turn the whole traditionally male AI world upside down. It will provide new tools to empower businesses to use their own structured data to drive better experiences.