March 14, 2024: A pictures worth a thousand words 📷

And this raise is worth more than a thousand


imaged generated using 

A pictures worth a thousand words

Ideogram is officially in the competition for text-to-image models as it raises a massive A round.

What is the news?

Toronto-based Ideogram announced that it raised a USD 80m round led by Andreseen Horowtiz with participation from Index Ventures, Redpoint Ventures, Pear VC, and SV Angel.

What does Ideogram do?

Ideogram competes in the generative image space. Users provide text-based prompts and Ideogram generates an image based on the prompt.

How did Ideogram compete against Midjourney and other image-generating startups?

When it first launched in August 2023 it was the first image generator to offer text and typography in its AI-generated images.

It has continued to distinguish itself by offering curation beyond promoting (e.g. different aspect ratios, image weights, visibility of the image produced, etc) and by enriching the original prompt with additional details to get better images.

Why raise so much so quickly?

Training LLM models is expensive in computing and data. Ideogram entered a competitive market and most likely needs capital to innovate as rapidly as its peers to stay in the game.

What does this mean for the community?

The foundation for the AI revolution over the past decade was kicked off by research at Canadian universities. Despite this, we don't have many homegrown AI champions.

ElementAI was acquired and is now the backbone of ServiceNow's AI offerings.

We have Cohere competing in text LLM space and now, hopefully, we have Ideogram representing Canada in the image area.

As an ecosystem, we have to build the muscle to commercialize the technology we create.


Learn how to make AI work for you.

How do you stay up-to-date with the insane pace of AI? Join The Rundown – the world’s fastest-growing AI newsletter with over 500,000+ readers learning how to become more productive using AI every morning.

1. Our team spends all day researching and talking with industry experts.

2. We send you updates on the latest AI news and how to apply it in 5 minutes a day.

3. You learn how to become 2x more productive by leveraging AI.


*this is sponsored content


The best of the best returns - are you on the list?

A credit card debacle

The importance of founder reference checks, and how to do them

Wearable tech can now read human emotions

Fundraising News: Codezero raises $3.5m

The jobs that are projected to grow and decline in the next 10 years

Announcing our newest partnership with CIX - check out how you can attend the upcoming event here from March 26 - 27 in Toronto - [use code: CIXTECHTO for 10% off]


Cowboy Partner GIF

Gif by TheLonelyCowboysBallad on Giphy

Want to showcase your company, events, and opportunities to 70,000+ subscribers across the Canadian Tech Ecosystem?

Join the conversation

or to participate.