Prem AI, a startup based in Lugano, Switzerland, is raising $100 million in a Series A round and expects to close the financing in the third quarter, according to founder and CEO Simone Giacomelli.
The company is targeting a valuation of at least $500 million. Prem AI builds software that allows enterprises including hedge funds and law firms to run generative AI models on their own infrastructure, reflecting growing demand from organisations that want tighter control over sensitive data and AI deployment.
Giacomelli said the company’s premise is that enterprise intelligence should be owned rather than rented. Prem offers both an open-source ChatGPT alternative, Prem App, and a business platform designed to help companies integrate generative AI into existing products and software systems while retaining control of their data.
The planned raise follows earlier funding rounds that included a $14 million seed round in 2024 and a $6.1 million bridge round at a $200 million valuation. Backers have included Jim Breyer of Breyer Capital, Index Ventures, David Maisel, and Fan Zhang.
The company is targeting a valuation of at least $500 million. Prem AI builds software that allows enterprises including hedge funds and law firms to run generative AI models on their own infrastructure, reflecting growing demand from organisations that want tighter control over sensitive data and AI deployment.
Giacomelli said the company’s premise is that enterprise intelligence should be owned rather than rented. Prem offers both an open-source ChatGPT alternative, Prem App, and a business platform designed to help companies integrate generative AI into existing products and software systems while retaining control of their data.
The planned raise follows earlier funding rounds that included a $14 million seed round in 2024 and a $6.1 million bridge round at a $200 million valuation. Backers have included Jim Breyer of Breyer Capital, Index Ventures, David Maisel, and Fan Zhang.