Alum’s AI startup secures $80M investment
Toronto-based artificial intelligence (AI) startup Ideogram has raised $80 million in Series A funding to accelerate the company’s growth in generative AI.
Waterloo Engineering alum William Chan (BASc ’11, computer engineering) co-founded Ideogram in 2022 “to help people become more creative”. The company officially launched just six months ago with $22.3 million in seed funding.
Ideogram is an AI text-to-image generator — much like DALL-E. Users type a prompt, click “generate” and within 30 seconds can choose between four image interpretations of the prompt. Users can generate more images using refined prompts until they get the one they like. All generated images are downloadable and users can use them freely.