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Applied AI research company Fundamental Research Labs (formerly known as Altera) has announced a successful Series A funding round of $33 million, led by Prosus with the participation of Stripe co-founder and CEO Patrick Collison.
**Diverse AI Applications**
The company, known for its unique structure, is actively working on various AI applications across different sectors. Initially focusing on developing bots for Minecraft, Fundamental Research Labs now consists of a games team, a prosumer team building apps, a core research team, and a platform team. Founder Dr. Robert Yang, a former MIT faculty member, envisions the company as a disruptive force in the industry, moving away from traditional startup structures.
**Innovative AI Products**
Among the innovative products offered by Fundamental Research Labs is Fairies, a general-purpose consumer assistant that allows users to chat with an AI bot, connect applications, and schedule appointments. Additionally, the company provides Shortcut, a spreadsheet-based agent aimed at analysts for financial modeling and analysis tasks.
**Strong Investor Backing**
Investment partner Sandeep Bakshi from Prosus highlighted the company’s mission-driven team and practical use cases, emphasizing the value of AI in enhancing human workforce capabilities. Fundamental Research Labs has already raised $40 million in funding, with previous rounds co-led by First Spark Ventures and Patron, among others.
**Future Goals**
Looking ahead, the company aims to explore various application models and eventually venture into robotics. Dr. Yang emphasized the current focus on productivity apps and the potential for solving physical problems in the future.
Fundamental Research Labs continues to push the boundaries of AI technology, with a vision of creating groundbreaking solutions that revolutionize multiple industries.
