Whilst the development of generative AI is thought to be the reserve of large companies like Open AI, smaller startups such as Firework.AI are making this technology easier to access and develop for smaller companies wanting to handle specific business needs using AI. As an open-source model API, it has one of the largest user bases - with over 12,000 users leveraging Fireworks.AI’s software.
Though lacking the brand name recognition of generative AI developers like Google and Meta, Fireworks.AI differentiates itself in a market crowded with large competitors through its unique approach to deploying its software. It creates smaller, production-grade, customisable generative AI models that can be launched privately and securely, rather than the non-private and inflexible models built by larger companies.
After its 2024 Series B round of $52 million, Fireworks.AI has been valued at over $550 million, an impressive sum for a David in a sea of Goliaths. The company plans to use its funding to develop compound AI systems that can orchestrate across multiple single models. It will be interesting to see how the company evolves with its potentially disruptive business approach to generative AI.
Freddie
Company Specialist at Welcome to the Jungle
