Swiss AI startup Giotto.ai seeks funding at over $1 billion valuation, sources say

Swiss AI lab Giotto.ai is seeking to raise funding at a valuation above $1 billion, pitching itself as Europe’s latest contender in the race for artificial general intelligence (AGI), people familiar with the matter told Reuters.

The Lausanne-based startup has hired investment bank Lazard to help raise more than $200 million, the people said, requesting anonymity to discuss private matters.

The company told prospective investors that the capital will be used to invest in AI research, build its first commercial prototypes with enterprise and government…