Axios’s software business raises cash to fund AI expansion

Published by The Wall Street Journal March 24, 2023

Axios’s software business raised $20 million from investors that it plans to use to build new artificial-intelligence-powered communication tools with the help of ChatGPT creator OpenAI, the company’s chief executive said. 

• Why it matters: Axios HQ, which was spun off from Axios last year when the digital publisher was sold to Cox Enterprises Inc., makes software that helps businesses communicate with employees and investors in a concise way that was championed by Axios—snippets that break down the main points of an article and explain why it matters. 

Its software, which already was powered by homegrown artificial intelligence based on years of findings from Axios’s editorial content, started paying for access to OpenAI in November, according to Roy Schwartz, Axios HQ’s chief executive and a co-founder of Axios. OpenAI, which is backed by Microsoft Corp., has generated buzz since its humanlike chatbot, ChatGPT, was launched late last year. 

• “We’ve raised the money so we can keep expanding on the generative AI that we’ve already built,” Mr. Schwartz said. 

Read the full article on The Wall Street Journal → 

• citybiz: Axios HQ raises $20 million Series A co-led by Glade Brook and Greycroft
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