Intel spinout Articul8 raises more than half of $70M round at $500M valuation

Articul8, an enterprise AI company spun out of Intel in early 2024, has raised over half of a planned $70 million Series B funding round at a $500 million pre-money valuation. This marks a fivefold increase from its $100 million post-money Series A valuation just months earlier. Led by Spain’s Adara Ventures, the round is expected to close in Q1 2024. Articul8 has surpassed $90 million in total contract value from 29 paying customers, including major firms like Hitachi Energy, AWS, Franklin Templeton, and Intel. The company is revenue-positive, projecting annual recurring revenue of over $57 million for the year, with nearly half already recognized. Articul8 specializes in AI systems designed to operate within customers’ own IT environments, focusing on regulated industries such as energy, manufacturing, aerospace, financial services, and semiconductors where accuracy, auditability, and data control are paramount. Unlike general-purpose AI models offered by cloud providers,