Free tools Windows power users keep installed
One-click scans. No signup required.
Adept announced a $350 million Series B on March 14, 2023, led by General Catalyst and co-led by Spark Capital. The company said it would use the funding to launch initial products, train models, and hire talent as it worked to build AI that could carry out tasks through software tools. Forbes separately reported that the deal valued Adept at at least $1 billion post-money and that its core financing had been completed in fall 2022.
How much did Adept raise, and who led the round?
Adept announced a $350 million Series B on March 14, 2023. General Catalyst led the round, with Spark Capital as co-lead, according to Adept’s announcement. The company referred generally to existing investors, new financial partners, and technology companies, but did not enumerate a full investor roster in that announcement.
The announcement date is not necessarily when the financing was completed. Forbes reported that the core financing had been completed in fall 2022, before Adept publicly announced it in March 2023.
What valuation was reported?
Forbes reported a post-money valuation of at least $1 billion, citing two people involved in the deal. Adept’s funding announcement did not disclose a valuation, so this figure should be understood as reported deal information, not a company-announced round term.
What did Adept say the funding would support?
Adept said the money would help it launch its initial products, train models, and bring on talent. General Catalyst likewise described the investment as supporting productization, technology, and talent in its own announcement. That is the investor’s characterization; the company’s stated priorities were launching products, model training, and hiring.
What was Adept building?
Adept’s ambition was to make AI operate software on a user’s behalf, rather than only generate text or answer questions. In its April 26, 2022 introduction, the company described a plan to train a neural network to use software tools and APIs as a collaborator for knowledge workers. It disclosed a $65 million raise in that introduction, but did not label it a Series A. Adept’s introduction provides the earlier context for the later Series B.
In the Series B announcement, Adept described ACT-1 as its first large model for actions, saying it could handle complex requests across multiple software tools and coordinate among them. The company summed up its vision this way: “We’re building a future in which you can tell your computer to do something in your own words and then just watch it happen on your screen.” These are Adept’s descriptions of its product and goals, not independent performance-test results.
Forbes described a prototype overlay for desktop use and reported in March 2023 that Adept had not stated a public release date. That was a contemporaneous report, not a claim about product availability today. Adept later said it had deployed a product in production environments and had beta customers in its June 2024 update; those, too, are company-reported statements.
What changed in Adept’s June 2024 update?
On June 28, 2024, Adept said it would focus on agentic AI solutions. It also said its co-founders and some employees were joining Amazon’s AGI organization, while Amazon would license Adept’s agent technology, multimodal models, and datasets. The update describes a change in direction from the 2023 funding announcement; it does not establish Adept’s operating status or developments after June 2024. Adept’s June 2024 update sets out the company’s account of the arrangement.
Quick Recap
Rank #4
How to interpret the funding announcement
- Amount and valuation are different figures: Adept announced a $350 million financing; the at-least-$1-billion post-money valuation came from Forbes reporting, not the company’s announcement.
- The timeline has two relevant dates: Forbes placed completion of the core financing in fall 2022, while Adept announced the round on March 14, 2023.
- The intended use was tied to product development: Adept cited initial product launches, model training, and hiring, in service of software-using AI agents.
- Later company plans shifted: the June 2024 update described a focus on agentic AI and an Amazon licensing and talent arrangement. It should not be treated as confirmation of what happened after that date.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
