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Announced

Completed

General Catalyst and Spark Capital led a $350m funding round in Adept.

Financials

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Transaction Value£287m
Consideration TypeCash
Capital Owned-
Capital Bid For-
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Private Equity

software development

Completed

Domestic

Private

startup

United States

Venture Capital

Single Bidder

Friendly

Minority

artificial intelligence

Acquisition

Software

Synopsis

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General Catalyst, a private equity company, and Spark Capital, a venture capital firm, led a $350m funding round in Adept, an AI startup, with participation from Addition, Greylock, Atlassian Ventures, Microsoft, Nvidia, Workday Ventures, Caterina Fake, Frontiers Capital, PSP Growth, SV Angel and A.Capital. “Adept possesses a depth of expertise to deliver a commercial product that pushes the generative AI frontier beyond text and image modalities into the practical realm of knowledge worker actions. Excitingly, ACT-1 has the potential to lower the barrier to entry within the enterprise workforce and thus may yield greater inclusive prosperity,” Deep Nishar, General Catalyst Managing Director.

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