The company, whose technology generates images from text prompts, launched last August with a US$16.5 million seed round. Andreessen Horowitz, one of Silicon Valley’s most prominent tech investors, led the latest round, according to Bloomberg, after co-leading Ideogram’s previous raise. The substantially larger Series A also included funding from California-based investors Index Ventures, Redpoint Ventures, Pear VC and SV Angel. (Bloomberg)

Talking point: Ideogram—led by CEO Mohammad Norouzi, who earned a computer science PhD at the University of Toronto before joining Google—is among the early-stage startups that has benefitted from investors’ fervent interest in generative AI since the launch of ChatGPT in November 2022. Seed investors in the firm included Raquel Urtasun, founder and CEO of Toronto-based autonomous vehicle startup Waabi, as well as Conviction founder Sarah Guo and Github co-founder Tom Preston-Werner. Ideogram had sought a US$500 million pre-money valuation ahead of the Series A, despite not generating any revenue at the time. The company introduced a subscription version on Wednesday, which offers more features.