# Spice AI

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/spice-ai

- Industry: Internet
- Headquarters: Seattle, US
- Website: www.spiceai.io
- Total disclosed funding: $16M
- Latest round: Seed (Jul 15, 2022)
- Investors on record: 12

## About

Spice AI, Inc. develops an open-source data and AI inference engine, facilitating the creation of AI applications through advanced query capabilities and integration of diverse data sources.Founded in 2021 and headquartered in Seattle, US, Spice AI, Inc. specializes in AI application development. The company has not undergone any significant pivots and does not have any reported subsidiaries. The founder, Phillip LeBlanc, has a background but no previous companies are mentioned. Spice AI raised USD 14.60 mn in Seed funding on July 15, 2022, from various investors including Madrona Venture Group, bringing the total amount raised to USD 14.60 mn and the current company valuation to USD 52.75 mn.Spice.ai offers a robust open-source data and AI inference engine designed to facilitate the development of AI applications through SQL query federation, data acceleration, search, and retrieval capabilities. The core product enables users to query any data from diverse sources, including modern and legacy databases, data lakes, and APIs across enterprises. Launched with the first stable version in 2023, Spice.ai aims to streamline the data integration process for its clientele, which spans various sectors including finance, healthcare, and technology. Its compute engine, built on Rust and Apache Arrow, supports the serving of local AI models like Llama3 and integrates with hosted AI platforms such as OpenAI. Customers using Spice.ai benefit from a single platform that combines enterprise-grade data infrastructure, serverless compute, and blockchain nodes, enhancing the overall developer experience while allowing for real-time data processing across geographical markets including North America, Europe, and Asia.Spice.ai generates revenue by offering a subscription-based model for its cloud platform, which includes various pricing tiers tailored to meet the needs of enterprises and individual developers. The company provides access to its SQL query capabilities and machine learning features through a streamlined interface, allowing clients to execute queries and utilize AI models with minimal setup. Revenue is derived from charges associated with specific services on the platform, potentially including fees for enhanced data access, advanced machine learning tools, and support services. Customers may engage in contractual agreements based on the selected tier, which could include partnerships for enterprise solutions or direct subscriptions from individual developers. The platform's offerings, including its flagship AI inference engine, provide value in sectors such as crypto, fintech, and broader data-driven applications, reinforcing its role as a critical infrastructure provider in these markets.Following its latest Seed funding of USD 14.60 mn on July 15, 2022, led by Madrona Venture Group, Spice AI plans to utilize the capital to expand its team and address market gaps. The company aims to launch new products and enhance its service offerings, although specific product details and release dates are not disclosed. Additionally, Spice AI is targeting expansion into new markets, with a focus on increasing its presence in North America, Europe, and Asia by the end of 2023.

## Funding rounds

- Seed, Jul 15, 2022, $15M — Madrona Venture Group, Founders' Co-op, TA Ventures, Blackbird, Alumni Ventures Group, IEX Group, Inc., Picus Capital, Basis Set, Elysium Venture Capital, Protocol Labs, Inc., Cardinia Ventures, Asymmetric
- Seed, Oct 14, 2021, $1M — Madrona Venture Group, Founders' Co-op, TA Ventures, Picus Capital, Elysium Venture Capital, Cardinia Ventures

## Investors

- Madrona Venture Group (https://capitalatlas.ai/funds/madrona-venture-group) — Seed
- Founders' Co-op (https://capitalatlas.ai/funds/founders-co-op) — Seed
- TA Ventures (https://capitalatlas.ai/funds/ta-ventures) — Seed
- Picus Capital (https://capitalatlas.ai/funds/picus-capital) — Seed
- Elysium Venture Capital (https://capitalatlas.ai/funds/elysium-venture-capital) — Seed
- Cardinia Ventures — Seed
- Blackbird (https://capitalatlas.ai/funds/blackbird) — Seed
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Seed
- IEX Group, Inc. — Seed
- Basis Set (https://capitalatlas.ai/funds/basis-set) — Seed
- Protocol Labs, Inc. — Seed
- Asymmetric (https://capitalatlas.ai/funds/asymmetric) — Seed