AI startup ASI raises funds at a $3 billion valuation

Artificial intelligence software company ASI has announced that it raised $325 million in a Series C funding round led by Spark Capital, bringing its company valuation to $3 billion.

Boston-based ASI develops simulation and monitoring software that enables operators in complex systems such as air traffic, energy grids, and military operations to predict outages hours, days, or weeks in advance. Company founder and CEO Phillip Buckendorf stated that the broader tech ecosystem is interested in teaching artificial intelligence how to manipulate words, whereas ASI focuses on systems that manage and control physical assets.

Alongside Spark Capital, affiliates of Citadel Securities, Meritech Capital, and Craft Ventures participated in the investment round. ASI announced that it will use the funds raised to expand its deployments in energy, logistics, and military sectors, as well as to grow its research and engineering teams in Boston. The company had signed a 99 million dollar, five-year contract with the US Army in October, and an 875 million dollar, 12-year contract with the Federal Aviation Administration in June.