Edinburgh-based AI startup Malted has secured a £6 million investment to specialize in refining large language models (LLMs) for custom enterprise applications. Founded in 2023, Malted tackles the challenge presented by broad and general outputs of existing LLMs like ChatGPT, offering clients tailored smaller models that provide more specific services at a lower cost. Malted’s technology concentrates on creating these customized models for enterprises, emphasizing a cheaper and more precise alternative to the existing one-size-fits-all LLM solutions. Currently piloting its service with financial and legal firms, Malted aims to expand its product development and double its workforce using the newly raised funds. Iain Mackie, CEO and co-founder, reinforces the company’s vision of smaller, more efficient AI models addressing complex enterprise challenges. The seed round was led by Hoxton Ventures, including contributions from the Creator Fund and angel investors. Malted AI previously raised £1 million in a pre-seed round led by the Creator Fund. Bryan Gartner, Hoxton Ventures partner, expresses confidence in Malted AI’s innovative approach, predicting significant impact on the AI enterprise landscape in Europe.

Artificial Intelligence, Venture Capital & Startup, Financial Services & Legal Sector,Edinburgh, UK, Europe

Scottish AI startup raises £6m for bespoke LLMs