AI assistant startup Instinct raises $350 million at $2.5 billion valuation
Instinct, an AI assistant startup led by a 23-year-old founder, has raised $250 million in a new funding round, pushing its total valuation to $2.5 billion, even as users raise privacy concerns.
Instinct, a company founded just last year, has seen its valuation soar over the summer amid growing enthusiasm for AI products. The startup confirmed to the Wall Street Journal on Wednesday that it had closed a $250 million Series B funding round.
The new investment brings Instinct's total funding to $350 million and values the company at $2.5 billion. The round was co-led by venture firms Index Ventures and Benchmark.
What Instinct offers
Instinct is operated by Spear Street Technology and led by founder Noah Shinn. The product is an AI agent designed to help users organize their daily lives efficiently. Users connect it to their apps and devices and communicate with it via text messages and calls.
In a tweet on Wednesday, Shinn said he was pleased with how early users have been putting Instinct to work, citing examples such as planning cross-country road trips, buying weekly groceries, purchasing concert tickets and cancelling hundreds of dollars worth of subscriptions. One user is reportedly even planning a wedding with the assistant's help.
Privacy concerns
Despite its simple website, Instinct remains in private beta and has already sparked debate over privacy. Online, users have expressed concern about how extensive the permissions the app requests are, as well as terms of use that some consider overly invasive.
