webAI Appoints New Board Members and Secures Additional Funding to Democratize Access to AI

• Austin-based startup appoints three board members with executive experience at Apple, Benchmark Capital, and Activision Blizzard
• Latest funding enables the company to accelerate developing a superior alternative to current AI solutions

AUSTIN, Texas, Sept. 10, 2024 /PRNewswire/ -- webAI – an AI development platform that provides enterprises with localized AI infrastructure and offers a superior solution to existing cloud-based models – today announces two milestones in its journey to democratize access to AI.

The company announces the appointment of three technology industry veterans to its board of directors, who bring a wealth of industry experience to webAI and demonstrate the growing excitement about the company's innovative approach to AI. Their knowledge, judgment, and expertise will help guide the company in its mission to fundamentally change AI.

Joining webAI's board of directors are:

• Michael Abbott: Stanford University Computer Science Professor, Former VP Engineering of Apple Cloud Services, and GP at Kleiner Perkins
• David Beirne: Founder of X10 Capital and former General Partner at Benchmark Capital
• Dennis Durkin: Former CFO at Activision Blizzard and former CFO and COO at XBOX

"When I first saw webAI's platform in action, I was truly amazed. The way it simplifies the complexity of AI deployment and training is nothing short of revolutionary," said webAI board member Michael Abbott. "I believe this technology is going to fundamentally change how companies approach AI, making it more accessible and efficient for everyone. I'm thrilled to join the board and support webAI's mission to democratize AI and drive innovation forward."

webAI has created technology that runs powerful AI on users' local devices – a breakthrough for the industry which has historically relied on large cloud-based models. This approach enables users to work with sophisticated AI models without sending data to the cloud. The company's unique approach is also changing the economics of AI deployment leading to drastically lower compute costs, which fundamentally reimagines how AI can be used and accessed.

webAI also announces the completion of its Series A funding round at a valuation of $700 million. The additional funding brings webAI's total capital raised to $60 million since inception. The investment will accelerate webAI's mission to democratize AI access and drive innovation in the distributed AI field, giving enterprises a secure alternative to cloud-based AI providers.

"This funding marks a significant milestone for webAI as we continue to lead the charge towards a more decentralized and democratized AI world," said webAI Co-founder and CEO David Stout. "We are well-positioned to provide enterprises with an alternative to centralized AI solutions and enable them to harness the power of private models that are customized for their unique needs."

The Series A comes as the AI industry transitions from centralized, cloud-hosted models to dynamic, distributed networks, making webAI a pioneer offering unmatched flexibility and scalability. This cutting-edge infrastructure empowers businesses to optimize resources, minimize latency, and maintain sovereign control over their most sensitive data.

"We're at an AI inflection point – the decisions made today around how AI is run and managed will have huge long-term impact on data ownership, privacy, energy consumption, and cost," said webAI Chairman David Shuman. "David Stout is an exceptional and visionary leader; webAI is offering a much-needed alternative to incumbent AI companies. David and his team have built a more sustainable and secure approach to AI – one that is being cheered by customers and will benefit society at large."

Leading enterprises across sectors from retail, to logistics, to aviation are already leveraging webAI's local models to enhance operational efficiency. From monitoring retail traffic to optimizing logistics workflows and improving airport gate performance, webAI's solutions are helping businesses achieve new levels of precision and performance.

For more information, please visit www.webai.com.

About webAI:

webAI is at the forefront of the AI revolution, pioneering distributed AI solutions that democratize access to powerful, specialized models. Founded in 2019 and headquartered in Austin, Texas, webAI's mission is to drive innovation and create a future powered by Super Intelligence. With a focus on personalized, efficient, and user-friendly AI applications, webAI is transforming the way AI is deployed and utilized across industries.

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SOURCE webAI