$12B AI model maker backed by Nvidia, Bain Capital, and DST that pivoted entirely to open source.
“That memo was chilling. It's like we couldn't raise the round... a great team with proven leader, very strong CTO... they just couldn't raise the capital they needed to execute.”
Source→“The conventional wisdom has favored closed, proprietary model providers (OpenAI, Anthropic), but large investors are now backing open-weight competitors at frontier valuations.”
Source→AI-extracted from podcast / newsletter / paper summaries. May contain errors.