Cerebrum Tech secures $1.8m investment to accelerate growth of Generative AI

Cerebrum Tech secures $1.8m investment to accelerate growth of Generative AI

Published: 18-10-2023 12:43:00 | By: Pie Kamau | hits: 3046 | Tags:

Cerebrum Tech, a pioneering technology company, has successfully secured a substantial investment of $1.8 million, valuing the company at $15 million. This achievement was made possible through the collective support of individual and institutional investors, under the leadership of Boğaziçi Ventures, one of Türkiye's foremost Venture Capital companies. This investment not only signifies a substantial vote of confidence in Cerebrum Tech's endeavors but also positions the company for further growth and innovation in the dynamic realm of generative artificial intelligence.

Cerebrum Tech, a visionary venture studio recognized for its outstanding products and solutions across diverse sectors, including artificial intelligence, finance, industry, e-commerce, and Web3, has successfully secured a noteworthy investment of $1.8 million. This investment was led by Boğaziçi Ventures, a leading name in Türkiye's technology-focused venture capital landscape. The valuation of this achievement stands at an impressive $15 million.

The investment process was realized with the enthusiastic participation of both individual and institutional investors, marking an important milestone for Cerebrum Tech. This strategic collaboration will see Cerebrum Tech become an integral part of the BV Growth Venture Capital Investment Fund's portfolio, which boasts participation from a range of forward-thinking investors, both individual and institutional alike.

In March, Cerebrum Tech unveiled Cere, a groundbreaking artificial intelligence application. Available in both personal and corporate versions, Cere is one of the first AI applications to leverage 3D avatars, offering a dynamic and immersive experience. Following this remarkable launch, September witnessed the introduction of Cere Insight, an innovative addition to the realm of artificial intelligence. Cere Insight stands out with its unique capabilities, allowing users to efficiently summarize extensive documents with multi-file support, and extract valuable insights from large datasets. Notably, it accomplishes this without necessitating coding expertise, thanks to its advanced LLM technology. Moreover, it empowers users to effortlessly create customizable chatbots with seamless web integration, delivering a transformative experience.

Cerebrum Tech has consistently championed pioneering initiatives across various sectors. From artificial intelligence and internet of things to finance and the dynamic Web3 sphere, Cerebrum Tech continues to make indelible contributions to the evolving technology landscape.

Erdem Erkul, Founder and Chairman of the Board of Directors, Cerebrum Tech: "Our aspiration is to fortify our presence in the global market through the international investments we've garnered from day one. When Cerebrum Tech set its course in 2021, we committed to fostering the growth of the technology entrepreneurship ecosystem in our homeland and establishing ourselves as a distinguished new-generation technology firm on the global stage. The partnership with Boğaziçi Ventures, I believe, is a pivotal step towards achieving our ambitious goals. We will persistently innovate and scale our existing products to cater to the evolving landscape of new-generation technologies, including artificial intelligence, which is already shaping the future, for the global audience."

In addition to Boğaziçi Ventures, a prominent investment company in Türkiye, and a group of international investors, Cerebrum Tech has garnered support from Inveo Ventures Coinvestment Venture Capital Investment Fund. This forward-thinking fund specializes in investing in future technologies, aligning seamlessly with Cerebrum Tech's commitment to innovation.

Furthermore, Cerebrum Tech remains bolstered by individual investors, notably including Faruk Eczacıbaşı, one of the company's early backers. His continued involvement in this investment round underscores the unwavering commitment to Cerebrum Tech's growth and success among individual investors.

Barış Özistek, Managing Partner, Boğaziçi Ventures:  "Cerebrum Tech is set to assume a pivotal role within our portfolio. Boğaziçi Ventures, renowned for its unwavering focus on innovative technologies and disruptive innovation, has added Cerebrum Tech to its roster of investments. Cerebrum Tech, one of Türkiye's standout success stories in the fields of artificial intelligence and Web 3.0, has exhibited remarkable growth and potential in recent years. In 2023, Boğaziçi Ventures maintains its steadfast commitment to investing in visionary projects driven by technology. This approach, rooted in constructive disruption, is instrumental in shaping the future. Cerebrum Tech, now a proud member of our BV Growth Venture Capital Investment Fund, has rapidly ascended to become one of the flagship projects within our expansive portfolio."