In a remarkable feat, Instinct, a startup established just a year ago and led by a 23-year-old entrepreneur, has capitalized on the current AI trend to achieve an impressive valuation this summer.
The company, which provides an AI assistant that has captivated early adopters, announced to the Wall Street Journal on Wednesday that it successfully secured $250 million in its latest Series B funding round. This brings the total funding raised by the company to $350 million and elevates its valuation to $2.5 billion.
The funding round was co-led by prominent venture capital firms Index Ventures and Benchmark, according to the Journal.
Instinct, which operates under Spear Street Technology and is founded by Noah Shinn, aims to streamline users' lives by organizing various tasks. Users can integrate the assistant with their applications and devices, communicating through text messages and voice calls.
Shinn expressed his excitement on Twitter, sharing how early users have utilized Instinct for a wide range of activities, including planning cross-country road trips, purchasing weekly grocery items, booking concert tickets, and even canceling unwanted subscriptions. Notably, some users are using the application to assist in wedding planning.
Despite its straightforward website and the fact that it is currently in private beta, Instinct has already sparked some debate over privacy issues. Concerns have emerged about the extensive permissions required by the app and the potentially intrusive nature of its terms of use, which have raised eyebrows among some users.
