I am a senior reporter for technology, covering venture capital and startups. I am based out of Forbes' San Francisco bureau, where I previously covered tech billionaires as a wealth reporter, and wrote about artificial intelligence as an assistant editor for technology.
Baseten has raised $40 million to make it easier for companies to actually deploy AI applications in a practical way after growing its revenue to several million dollars last year.Companies have spent billions on computing costs to train artificial intelligence models, but the costs are starting to shift to when the AI is actually used — say, the compute ChatGPT uses to answer a question in real time.
From its founding in 2019 through the end of 2022, Baseten was one in a sea of startups selling software that made it easier to build AI-powered apps. But they didn’t gain much traction, said CEO Tuhin Srivastava, who cofounded the company with Amir Haghighat, Philip Howes and Pankaj Gupta.
“We are riding on this wave of open-source models getting very good over the last 12 months,” Srivastava said. But the current boom could also pose a risk factor later on. Baseten’s product depends on customers choosing to use customizable open-source models, despite the extra legwork needed to manage the infrastructure. If off-the-shelf closed-source solutions like OpenAI’s GPT, Anthropic’s Claude or Google’s Gemini come to dominate the market, Baseten could largely be moot.
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