Nvidia-Backed AI Image Startup Secures $9 Million in Funding

Canadian startup Wombo, specializing in AI image manipulation, has successfully raised $9 million in a recent funding round, led by Round13 Digital Asset Fund with contributions from Nvidia and CoreWeave. With a total funding of over $15 million to date, Wombo's CEO, Ben-Zion Benkhin, emphasized that this investment demonstrates the company's commitment to democratizing AI-powered creativity for all.

Benefitting from the backing of industry giants like CoreWeave and Nvidia, Wombo aims to expand its global reach and continue to redefine how people engage with AI in their daily lives. Notably, the company has witnessed remarkable growth, driven largely by the rising interest in AI advancements, particularly for entertainment purposes, recently crossing the milestone of 200 million downloads across its AI applications.

Looking ahead, Wombo plans to utilize the funding to bolster its team, enhance product development, and facilitate the creation of its ambitious w.ai project. This initiative seeks to establish the world's largest AI supercomputer by repurposing idle devices such as MacBooks, smartphones, and PlayStations into "AI workers," enabling users to contribute computing power and earn rewards in return.

Through strategic partnerships with tech leaders like Nvidia, Wombo has been able to leverage advanced AI technologies, including Nvidia's Picasso, to deliver cutting-edge experiences to millions of users globally. Phil Eisler, VP of GPU Delivery Network at Nvidia, lauded Wombo for its role in revolutionizing entertainment delivery through generative AI.

In February 2021, Wombo launched Wombo Dream, an innovative AI generator tool that transforms text into images on smartphones, allowing users to easily share their creations. This, combined with Wombo's history of creating viral AI-powered apps, has garnered praise from Khaled Verjee, managing partner at Round13 Digital Asset Fund, who commended the company's vision of democratizing AI creativity in the consumer tech landscape.

In summary, Wombo's recent funding round marks a significant milestone in the company's journey to reshape how individuals interact with AI technology, forging a path towards a more inclusive and innovative future for AI-powered creativity.