Harmonic, an artificial intelligence startup company co-founded by Robinhood (HOOD) CEO Vlad Tenev, has been valued at $1.45 billion in a new funding round.
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The AI startup raised $120 million in the funding round based on the valuation. Harmonic aims to resolve AI hallucinations, which are incorrect or nonsensical answers to queries and searches. The company plans to do this by improving the ability of AI to reason.
The latest funding round is the third one in 14 months for Harmonic, bringing the total capital raised to $295 million and highlighting investor interest in new AI companies. Vlad Tenev has said that Harmonic is developing “mathematical superintelligence,” a form of AI that’s focused on advanced reasoning that is free of hallucinations and factual errors.
Harmonic’s Flagship AI Model
Harmonic’s flagship AI model is called Aristotle and has reportedly been trained on synthetic mathematical proofs, which are computer-generated models used to teach advanced problem-solving. Aristotle achieved top marks at the International Mathematical Olympiad earlier this year alongside AI applications from Alphabet (GOOGL) and OpenAI.
Founded in 2023, privately held Harmonic says the new funding it has received will go toward the computing power needed for training its AI models. Harmonic currently offers its Aristotle product to the public through a free tool that lets developers plug the model into their software. The company says mathematicians have been using the tool to check complex calculations and accelerate discoveries.
Is HOOD Stock a Buy?
The stock of Robinhood Markets has a consensus Moderate Buy rating among 21 Wall Street analysts. That rating is based on 14 Buy, six Hold, and one Sell recommendations issued in the last three months. The average HOOD price target of $151.63 implies 30.43% upside from current levels.
